From Vimal Gore at BT:
A change in the trend?
Just as the markets had convinced themselves they were in for an uneventful carryharvesting summer, something started to change at the end of the month, with central bank communication seemingly dominating economic data with respect to their impact on market moves. Whilst the theme of disinflation continued to play out in the economic numbers, a growing concern around new central bank hawkishness dominated the moves in global bond yields. We had a negative month of performance as our long duration positions suffered with the rise in bond yields triggered by these comments.