October was a mixed month for risk assets and a bad month for safe haven assets. The main equity indices fell in the US (-1.9%) and Australia (-2.2%), but rose in Japan (5.9%), China (2.6%) and Europe (1.8%). Commodities were also mixed with US oil (-3.2%) and gold (-2.9%) down, but iron ore (15.2%) and US natural gas (2.8%) lifted. Credit was generally flat, except for US high yield which made solid gains. Long term interest rates rose with material losses on long tenor bonds. Early signs of inflation and the reluctance of central banks to implement more extreme policies in the face of growing dissent helped push yields higher.