The S&P/ASX 200 Accumulation Index increased 6.58% in November following the lead from global share markets. The MSCI World Index, increased 2% over the month as the Australian dollar increased over the period. A softer than expected US inflation report and comments from the Federal Reserve Chairman – Mr Powell, that hinted at a slowing pace of tightening, provided relief to markets. However, Mr Powell continued to caution that interest rates would need to head higher over the medium term to reduce inflation. He added that the Federal Reserve was currently uncertain about when the peak in interest rates would occur, given very uncertain factors such as energy costs and labour supply. He warned that current trends might “require holding policy at a restrictive level for some time”. The 2-year treasury bond fell from 4.45% to 4.20% whilst the 10-year bond closed at 3.70%. International Bonds returned 2.40% over the month for Australian investors whilst the domestic bond index returned 1.50%.