November market activity took off after the highly anticipated U.S. presidential election on Nov. 5. Both equity and rates markets were boosted by a clear outcome, with the S&P 500 Index returning 5.87% on the month. U.S. Treasury rate volatility remained elevated, as rates rose in the two weeks following the election before rallying in the last week of the month. The two-year, 10-year and 30-year Treasury yields declined 2 basis points (bps), 12 bps and 12 bps, respectively. The Bloomberg US Aggregate Bond Index returned 1.06% on the month, bringing year-to-date return to 2.93%.
