Market Perspectives (November 2012)
- Volatility edged higher in October, as domestic equities lost ground during the month. International equities expanded on September’s rally, further closing the return gap with their domestic counterparts on a year-to-date basis.
- The yield curve steepened slightly in October, contributing to relatively flat returns for higher quality taxable and municipal bonds during the month.
- Headline inflation spiked once again on rising energy costs; however, core inflation remained muted. The FOMC maintained the status quo coming out of its October meeting.
- The employment situation continued to show gradual improvement in October. Job creation slightly exceeded expectations, but the unemployment rate ticked higher.
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