- Surprising the majority of pollsters and political pundits, Donald J. Trump prevailed in the presidential election last month, along with GOP majorities in the House and Senate, creating an expectation of significant regulatory and policy changes ahead.
- Following a lackluster first half, revised estimates show U.S. GDP growth surged by 3.2 percent – more than previously thought – in the third quarter of 2016.
- Although volatility spiked early in November, it had receded by the second week; domestic equities ended the month with gains across all major indices.
- International equities underperformed for U.S. investors, as stocks in both developed and emerging markets faced stiff headwinds from a rising dollar.
- In fixed income, benchmark indices lost ground as the yield curve steepened; the Barclays Aggregate retreated 2.4 percent, halving its gains year to date.
© Jim Baird for PMFA Market Perspectives, 2016.