A monthlong feast, November had a dish to suit nearly every taste. The four-week rally sent major market indices to near or beyond the year-to-date peaks reached at the end of the second quarter.

What summoned this cornucopia? The right mix of good data and “bad” data. The good: the Consumer Price Index tallied the inflation rate to be 3.2%, well off its recent peak of over 9% in June 2022. The “bad”: softer than expected economic performance, which led the S&P 500 to recording eight consecutive days of gains, its longest streak since 2021. This was taken as an indicator that the Federal Reserve (Fed) would decline to raise its benchmark interest rate another tick, as had been expected by many investors. We are not sure what to expect in the coming months, but it appears that inflation is starting to recede and that should be better news for the economy moving into the last month of 2023.

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