After a painful October, global stock markets (+1.4%) rebounded modestly in November. Bond markets also had positive returns for the month. In the final days of the month, Federal Reserve Chair Jerome Powell issued a statement that monetary policy was approaching neutral which fueled the market gains.  


  • The second estimate of 3rd quarter real GDP growth was unchanged from the first estimate at an annualized rate of 3.5%.
  • Inflation, measured by the Consumer Price Index for all goods, rose slightly to 2.5% year-over-year.
  • Unemployment remains at 3.7%, its lowest since 1969.
  • Consumer confidence tempered slightly but remains high.


  • U.S. large stocks rose 2.0% in November with value stocks (+3.0%) besting growth stocks. Small cap stocks also had gains to a lesser extent (+1.6%).
  • Outside the U.S., developed markets were essentially flat to slightly negative, while emerging markets rallied 4.1%. Year-to-date, international stocks are still struggling and remain in negative territory.


  • Bond returns were slightly positive in November, with international (hedged) bonds leading the way, up 0.6%.
  • Year-to-date, short-term (+1.2%) and international bonds (+2.1%) are the leaders, while intermediate-term and inflation bonds are down slightly.


  • Global REITs (+3.6%) experienced a rally along with global stocks.
  • Other alternative asset classes struggled to produce positive returns in November (commodities -0.6%, managed futures and reinsurance, each -0.9%).

Read our latest Economic & Market Commentary for Market Returns Year-To-Date, Market Returns Longer Term Annualized, Economic Indicators, and an Appendix.

Sources: Bureau of Economic Analysis (BEA), Federal Reserve, Morningstar Direct, Standard and Poor’s, MSCI

This is intended for informational purposes only and should not be construed as legal, investment or financial advice. Please consult your legal, investment and financial professionals regarding your specific circumstances.

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