The US markets were expecting the unexpected for the month of November and the month turned out better than expected.
The presidential election consumed the lead up to November, with consensus saying the election would be contested. And it was, but ultimately with the results confirmed, we could look onto the transition. Vaccine news also added a boost to sentiment and risk markets took the news and rallied. Certain sectors’ returns broke records. It’s amazing how far we have come from the darker days of March.
There was cause for concern when Secretary of the US Treasury Mnuchin informed the market some emergency lending facilities would expire at the end of the year. The market took it in stride, recognizing the facilities were more perception than reality, proved by low utilization and broader recognition the events of March were liquidity-related and not credit-related. In the face of any concerns over these programs being withdrawn, credit spreads continue to grind tighter.
You should obtain and read a Key Investor Information Document and Prospectus relating to the SSGA Cash funds prior to investing. Further information, including the annual and semi-annual reports and the Key Investor Information Document and Prospectus describing the characteristics, charges, expenses and risks involved in your investments are available for residents of countries where SSGA cash funds are authorized for sale, at www.ssga.com/cash and from your local SSGA office or by calling +44 (0)20 3395 2333.
Investing involves risk including the risk of loss of principal. It is possible to lose money by investing in the funds.
Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Click the link to obtain a prospectus which contains this and other information, or by calling +44 (0)20 3395 2333, please read it carefully before investing.