Monthly Market Update (November): 3 Things You Need to Know

November returns would have looked very different had the month ended at Thanksgiving, but the last three days turned global markets on a head.

Here are 3 things you need to know:

  1. The gradual removal of pandemic-era monetary policy accommodation in the United States has begun with the Federal Reserve’s announcement on November 3 that it would start to scale back its bond-buying program.
  2. President Biden renominated Jerome Powell as Chair of the Federal Reserve for four more years and Dr. Brainard as Vice chair. After the nominations, President Biden said, “I’m confident that Chair Powell and Dr. Brainard’s focus on keeping inflation low, prices stable, and delivering full employment will make our economy stronger than ever before.”
  3. Oil prices (WTI) suffered its worst monthly decline since March 2020 on the heels of the emergence of the Omicron covid variant and the U.S. tapping its Strategic Petroleum Reserve.


  1. Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (
  2. Indices:
    • The Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
    • The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
    • The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
    • The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

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