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The S&P/ASX200 Accumulation index had a flat month, quarter, and half year, with a -0.91% return since the end of March. The one year numbers still show a gain of 9.25%, quite a bit lower than the 12 months that ended 30 June. Global markets had a better month, with gains of 3.39% and a rolling 12 month return that tops the charts at 15.89%.Bond markets sold off again during September as interest rates rose. The one year figures are negative or close to it for both global and Australian bonds. This is a slow burn, and although from month to month we may see some gains when political events see a rush to the safety of long dated government bonds, the general trend appears to be to higher long