A macro shift occurred in November after CPI came in convincingly lower than forecast for the first time. Bonds and gold benefitted greatly.

2022 was a terrible year for investing with very few places to hide. However, some saving graces have helped reduce losses in a portfolio.

October marked a relief from the carnage in September although it was more for risky assets. Volatility collapsed as the VIX dropped.

September turned out to be worse than August. All asset classes slumped. Even soft commodities could not escape the carnage.

This month, all asset classes dived. Sentiments are back to where they were early this year after Jackson Hole with a hawkish Jerome Powell.

Markets were already undergoing a rebound from the sharp sell-off in June when Jerome Powell added fuel to the fire towards the end of July.

Asset classes continue to be highly correlated to the downside with stocks and REITS taking the most hit. Safe-haven assets were also down,

Market sentiments turn around near the end of the month as Fed tampered down rate hike expectations of 75 bps or more which the market price