Another month of solid economic data and a shifting presidential administration drove markets in November. The FOMC announced a move to lower rates by 25 bps. While the move was expected by the market, FOMC commentary was viewed as slightly hawkish given the stability in recent economic data. Nonfarm payrolls increased slightly, and Core CPI came in at a 0.3% increase, remaining above the Fed’s target. This data, coupled with the incoming administration’s focus on growth, tariffs, and immigration policy, has increased market expectations of future inflation.

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