Key Observations

  • November once again displayed the forward-looking nature of markets as global equities reacted positively on news that a vaccine may be distributed in the first half of 2021.
  • Minutes from the Fed’s November meeting suggest it is inclined to enhance forward guidance should the pace of economic growth slow, but November business activity data was encouraging.
  • We advise maintaining broad diversification within and across asset classes to ensure a portfolio that is not overly exposed to one economic outcome.

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