The September 2021 edition of Numera’s US Macro Stategist (formerly Monitor) focuses on Fed policy, exploring the financial market implications of Fed tapering and the likelihood of a tightening cycle. We find that multiple rate hikes remains unlikely, continuing to support equity returns even as long-term yields pick up.

Equity returns fell sharply in September, as concerns over reduced Fed stimulus weighed on investor sentiment, depressing equity valuations. In this month’s edition, we investigate the likelihood of a full-fledged tightening cycle, and discuss how the current Fed outlook affects the relative appeal of US bond and equity investments.

Please note that Numera clients can download all the charts via our internal Macro website. If you would like a tour of the site, please contact Hayley Reid at