Markets broadly rallied once again in November on early signs inflation may be cooling and the Fed may soon slow its aggressive pace of rate hikes.

Despite positive equity returns for the month, fixed income markets signaled a risk-off view as credit markets declined and the 10-year Treasury rate fell.

Leveraged credit rose in November, with loans outperforming HY Bonds. The duration-sensitive Barclays Agg was unable to recover from an early-month rate spike, ending down slightly on the month.

Credit markets remained positive in October, despite experiencing weakness during the last week of the month alongside a sell-off in equities.

Credit markets were mixed in October. Loans returned 0.27% while HY bonds ended their 12-month streak of gains, down 0.18%.

Credit rallied last month alongside broader markets. High yield rose 2.85% while floating rate senior secured loans gained 1.03%.

Credit indices fell alongside equities in October, while rising interest rates weighed heaviest on the Barclays Agg. Equities and high yield credit declined in a volatile trading month. Senior Secured Loans generally held steady and captured upside to October’s rising rates, which caused the Barclays Agg to trade down.

Leveraged credit was mixed in October | High-rated credit continues to outperform

Leveraged credit rises in September | Fundamentals and technicals balanced for now

Credit markets were mixed in September, with HY Bonds posting a -1.04% return and Senior Secured Loans returning 0.63%. Interest rates remained relatively rangebound throughout the month and the duration-sensitive Barclays Agg returned -0.05%, its second straight monthly decline.