In September, US business activity reached its highest level in 62 months, with the Composite PMI rising to 58.4 and significantly exceeding forecasts. This growth was driven by strong performance in both manufacturing and services sectors, despite reports of supply chain bottlenecks. Following the data release, the 10-year Treasury yield spiked above 5% for the first time since 2007, while spot gold prices declined. These developments had a direct negative impact on both equities and fixed income markets.
