After October’s surge in equity prices, markets took a breath in November. Global growth remains positive, driven by strong household demand in the developed economies. The pattern of growth, however, is mixed and much weaker in commodity producing economies and emerging market economies that rely on external capital flows. With the Fed expected to raise rates in the near term, monetary policy elsewhere will remain very stimulative, especially as underlying inflation in Europe and Japan is weak. The complexity and dynamics of these factors will lead to significant volatility and investing opportunities.