The PCIA Research Team has been hard at work, poring over the latest market data so that we can deliver our best insights to you. Take a look at the latest report covering what happened in the month of November 2023. You will find quick facts and in-depth details on what has occurred, what that means for you and what’s ahead in the market and economic environment. Download the newest edition of the Month-in-Review below!
Quick Takes
- Risk Assets Snap Losing Streak. Market participants went full risk on for November with almost all major asset classes healthily in the green for the month.
- Inflation Declines. Inflation, as measured by the Consumer Price Index (“CPI”), came in slightly below market estimates of +3.3%, landing at +3.2% for October. Similarly, the Fed’s preferred metric, PCE Deflator, came in softer than expectations of +3.1%, coming in for October at +3.0%. The softening of inflation metrics led to bond yields, especially longer duration, to tumble in the month of November.
- Greenback Goes Down. The dollar spent the majority of the month in a steady state of decline versus other major currencies as domestic bond yields fell across the yield curve.
- Economic Production and Employment. The first revision of third-quarter economic production came in stronger than expected, landing at +5.2% versus expectations of +5.0% and well above second-quarter figures of +2.1%. High-frequency employment data readings continued to suggest that the labor markets are showing more signs of softening. Additionally, Personal Income figures for October landed in line with market expectations of +0.2%.
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This article is not to be construed as financial advice. It is provided for informational purposes only and it should not be relied upon. It is recommended that you check with your financial advisor, tax professional and legal professionals when making any investment or any change to your retirement plan. Your investments, insurance and savings vehicles should match your risk tolerance and be suitable as well as what’s best for your personal financial situation.
