The month of November was a time of Thanksgiving. A time when many of us gathered with our loved ones for the first time (indoors) in a long time. And a time when COVID reminded us that it is not over. At their November meeting, the Federal Reserve (Fed) announced the beginning of the end of the asset purchase program, with Fed Chair Jerome Powell indicating it would be wound down by the middle of 2022. With the taper now officially forthcoming, markets began to get very excited about a potential rate hike — 1-year Libor had risen 13 basis points (bps) during October and rose another 11bps to its 0.47% high on Nov 25th before dropping back to 0.38% by month-end. Impressively, the Fed Fund Futures market was pricing in three 25bps rate hikes before news of the new coronavirus variant, Omicron, hit the tape on Friday, November 26th.