In November, signs of falling inflation in the US, Europe, and UK triggered the best months for global equities since the news of a covid vaccination broke three years ago. By mid-December, the rally was given further impetus by the US Federal Reserve's (Fed) surprise pivot from maintaining interest rates to pencilling-in cuts in the year ahead. Developed market equities significantly outperformed emerging markets to gain 6.8%, while bond markets enjoyed their best quarter for more than two decades.
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