Market Flash Report | November 2020

Executive Summary

Economic

• 2020 U.S. GDP is expected to fall 3.6%; followed by an increase of 5.0% in 2021.
• Central Bank balance sheets have expanded considerably in 2020, now rest at $27 trillion.
• U.S. manufacturing was weaker in November 2020 but remains in solid shape.

Equities

• All major global equity indices posted very strong, positive returns in November.
• All S&P 500 sectors generated positive performance in November, led by Energy (+28%).
• Value stocks and small cap stocks FINALLY outperformed their growth/large counterparts.

Fixed Income

• All major fixed income indices posted strong returns, led by Emerging Market Bonds.
• The U.S. 10-year Treasury yield was relative unchanged, landing at 0.84% as of 11/30/20.
• Within non-investment grade bonds, bank loans look more attractive than high yield bonds.