Equities delivered a strong rebound across the board for the second month in a row. The Fed began the month hawkish, but with a largely expected rate hike of 75 basis points. A subsequent uptick in the unemployment rate followed by a small decline in inflation supported bullish sentiment as fears of stronger Fed tightening subsided. The Fed indeed ended the month signaling a smaller rate hike in December and the bond market gained with softening intermediate and long-term rates.