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Bump And Caution
December 10, 2024 - November was an unusually flat month for both bonds and domestic large caps. The latter, in particular, enjoyed a post-election bump then remained elevated for the remainder of the month. Even so, they did decline slightly on November 15 which may have been in response to Federal Reserve Chairman Jerome Powell’s Economic Outlook remarks from the previous evening. For the month, though, the S&P 500 returned 5.4% and the NASDAQ posted +5.45%. Bond markets, tracked by the Bloomberg US Aggregate Total Return Value Unhedged Index, stayed strong despite an early-month decision by the Fed to cut interest rates and closed the month up 1.51%.
