U.S. equities rallied post-election. Large-cap stocks rose 6%, and small-cap stocks increased by 11% in November. International equities not only underperformed but ended the month in the red.
The Federal Reserve cut rates by 0.25% in November, and another 0.25% reduction is expected in December. Inflation edged higher in October, primarily due to rising housing costs.
Donald Trump won the 2024 presidential election with 312 electoral votes to Kamala Harris’s 226, and the Republican Party gained control of Congress.
The appointment of Scott Bessent to the Treasury brings a renewed focus on the deficit and better alignment with the Fed’s policy of trying to grow the U.S. out of massive deficits.
November 2024 Commentary: Red
Summary
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