The Federal Reserve pulls forward rate hike expectations and doubles the pace of tapering in an effort to provide more flexibility to react in 2022.

The risks of continued elevated inflation likely have the U.S. Federal Reserve considering material changes to its policy path.

Uncertainties that caused U.S. Treasuries to rally and yield curves to undulate in November may persist and could contribute to volatility into year-end.

Disruptive trends and fatter tail risks highlight the importance of selection within asset classes and regions.