The third quarter witnessed a continuation of the stabilization we saw during the second quarter as the global economy rebounded from the effects COVID-19 pandemic. Credit spreads continued to tighten and oil prices traded within in a tight range. Encouragingly, new treatment options for the virus were developed and progress was made on several vaccine candidates. Market volatility remained muted until September when the prospect for another stimulus package dimmed and virus cases began to surge globally again, not to mention the uncertainty over the upcoming U.S. elections. In our third quarter review and outlook, we highlight what this means for fixed income markets heading into the end of 2020.