Month in Review - November 2022

The market continued its strong rally off the October lows, with the S&P 500 finishing up 4.3% (in CAD) and the TSX Composite Index increasing 5.5% in November. The bond market appears to have finally bottomed and appears to be pricing in a recession next year (more on this below).

Yields fell in November, resulting in the Canadian Universe Bond Index increasing by 2.8%. However, bond market volatility continues to remain elevated and should inflation persist, than bonds may resume their sell-off, leaning us towards holding High Interest Savings Accounts instead of fixed income where we can.

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