Market Review

The risk-on market continued largely unabated in November, sometimes bolstered by positive news and sometimes despite negative headlines. Perhaps most important to markets was the announcement of significant progress on Covid vaccines. 

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The 10-year U.S. Treasury note yield had its biggest move in months, rising 20 basis points (bps) to 0.84%.  Likewise, the 30-year bond yield jumped by 18 bps to 1.64%. With short rates anchored at very low rates, the 2- to 30-year yield curve slope steepened by 15 bps.

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