The period from mid-August to mid-November is a notorious time of year for capital markets. The pithy investment strategy “Sell in May and go away” is based on the idea of avoiding this stretch of time of year in stocks and picking back up after Halloween. And 2023 has been no exception in this regard. While U.S. stocks had a rousing summer through the end of July, the more than two months since have been particularly rough not only for stocks but even more so for bonds. How much lower should we reasonably expect stocks and bonds to go from here?