Welcome back to our monthly market review. September was a restrictive month on both sides of the Pacific, and the details show how differently it played out. The S&P 500 edged up 0.26% from the first to the last trading day, while the S&P/ASX 200 fell 3.06% (both were weaker on a calendar-month basis) as the RBA lifted the cash rate for the fourth time this year, to 4.60 per cent, and the US Federal Reserve also raised rates. Higher oil prices, elevated bond yields and stubborn inflation (August CPI rose to 4.0 per cent) set the backdrop. Australian home values extended their correction, with Cotality's index recording a sixth consecutive monthly fall of 1.1% nationally. In this newsletter, we walk through the share market, residential property, and what the latest inflation and interest rate decisions mean for households.