Markets rallied strongly during October, driven in part by a new policy “pivot” narrative which revolved around the potential slowdown in the pace of rate hikes being implemented by the Federal Reserve (Fed).

Markets roundtripped during May as key benchmarks flirted with “bear market” territory –defined as any peak-to-trough drawdown of 20% or more – with most market segments clawing back to close out the month broadly unchanged.

This newsletter contains an update on the market and a timeline of events for November 2021.