Market Recap: November 2021

December 01, 2021

Market commentary

  • Economic recovery slowed more than expected, primarily due to global supply chain issues
  • CPI inflation is running above 5% over the last year, well above the Fed’s target
  • Unemployment rate fell below 5% as labor force participation rates remain low
  • $1 trillion infrastructure bill is delayed as political crosscurrents collide

Select economic and market data

Statistic (monthly unless noted)



U.S. GDP (quarterly) 2.1% 6.7%
Consumer Confidence 109.5 111.6
Consumer Price Index 0.9% 0.4%
ISM Manufacturing 61.1 60.8
Unemployment Rate 4.6% 4.8%
2-Year Treasury Yield 0.57% 0.50%
10-Year Treasury Yield 1.45% 1.56%



  • Late-month volatility related to the COVID variant left most major market averages with a small decline for November
  • Large-cap stocks were the best relative performers, with growth stocks continuing to outperform value
  • International stocks fell in the 4%-5% range, again trailing their domestic counterparts
November 2021 Equities Index

Fixed income

  • A late-month drop in yields left the bond market with relatively flat returns for the month as the yield curve flattened
  • Fed signaled a reduction in asset purchases will commence in coming months
  • High-yield bonds have provided positive returns for the year-to-date period
November 2021 Fixed Income Index

Strategic outlook

  • Neutrally positioned on equities, while favoring international over domestic for long-term returns
  • Finding value in select domestic equities while trimming outsized “growth” exposure
  • Maintaining shorter-duration fixed income structure as low-yield environment continues
  • Personal
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  • market recap

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