High oil and gas prices, still-high inflation, and the Fed’s policy tightening spree, along with the resultant rise in bond yields, kept the market volatile. The Israel-Gaza war and its perceived ripple effects in the Middle East occasionally sent oil prices soaring in October. The chances of high-for-longer interest rates in the United States (due to resilience in the economy and sticky inflation) kept the U.S. dollar steady in the month, which was another negative for the emerging markets bloc.