November Monthly Market Review

An excerpt from our November Monthly Market Review: A strong post-election rally propelled the U.S. equity market to another record high in November. Equities outside of the U.S. fared considerably less well, however. Markets in November were dominated by speculation over the likely winners and losers under the new administration. Perceived winners like Tesla and Bitcoin rose 38%. Losers thought likely to be most hurt by tariffs, including Chinese and Latin American equities and emerging market currencies, lost ground. While impressive, these speculative swings are occurring against a backdrop of continued elevated uncertainty over which policies will eventually be adopted and when their impact will ultimately be felt. The Fed – data driven as always – cut rates in November as expected but would not be drawn into attempting to divine the implications of the new administration’s policies for the future path of the federal funds rate. The dollar rose against most currencies. Gold prices tumbled but remained near their October record high. Oil prices fell. 

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