November saw markets breathe a sigh of relief. Major developed market central banks delivered large interest rate hikes as expected, but there were definite signs that inflation was moderating leading to hopes that the pace and size of these hikes will soon slow. This was especially true in the US where inflation continued to surprise to the downside. Better news on the inflation front resulted in a strong performance across equity and bond markets alike. There were also tentative signs of China beginning to relax its strict stance on COVID, which boosted Asian markets.

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