Archive for November, 2011

November 2011

November 30, 2011  |   Monthly Commentary   |     |   0 Comment

Prior to the open of trading on the last day of the month, the Federal Reserve took action to extend swap lines and lower the interest rate on loans to the European Central Bank. The market interpreted the action as being positive for the stock market and negative for the bond market. Unfortunately, the positive price action was not captured in the monthly performance. The reason being, much of the spread improvement came over subsequent ...