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Fed’s ‘higher for longer’ message hits US stocks and bonds

Treasuries and Wall Street shares on course for worst month of 2023
Wall Street’s benchmark S&P 500 stock index has fallen more than 5 per cent in September

US stocks and government bonds are on course for their worst month of the year as investors respond to the US Federal Reserve’s message that interest rates are set to stay higher for longer than previously thought.

Wall Street’s benchmark S&P 500 stock index has fallen more than 5 per cent in September — dragging it towards its first quarterly loss in 12 months. 

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