A November to remember. The market menagerie was in rare
form last month: Bears went into hibernation as market volatility cooled along with inflation, while bulls charged ahead as monetary policy doves drove the hawks away. The S&P 500 Index (+9.1% total return in November) scored one of its best months since 2003, and the Bloomberg U.S. Aggregate Bond Index (+4.5%) realized its highest monthly gain since 1985. Global benchmarks such as the MSCI All Country World Index (+9.2%) and the Bloomberg Global Aggregate Bond Index (+5.0%) also joined the jubilee. Despite these gains, we urge investors to remain mindful of underlying macroeconomic risks.
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