US equity markets recorded fifth consecutive positive return on the week

US equity markets recorded their fifth consecutive positive return on the week, capping a spectacular month for risk assets. The bellwether S&P large cap index advanced +8.9% in November, its 18th biggest monthly gain since 1950, whilst the Bloomberg US Aggregate Bond Index closed +4.5% higher for its best month since May 1985. Various sentiment surveys indicate that investor optimism is widespread and at elevated levels.

The genesis of the rally appears to be a rapid resetting of expectations with regards to the future path of monetary policy. Markets cheered positive inflation data, with the latest release of the US Federal Reserve’s preferred gauge for tracking inflation, the Personal Consumption Expenditures Price Index (‘PCE’), showing that consumer prices continued to rise at a slower pace in October (+3.0% annual rate, down from +3.4% in September).

TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.

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