Market Pulse: November 2026
In October the Federal Reserve paused, Treasuries rallied and Brent climbed above $113. Then a theft of about $6.3 billion at Binance, the largest in the history of the asset class, turned ETF flows negative and pushed Bitcoin to its low for the month. Bitcoin fell 7.3%, Ethereum 16.1% and Solana 19.2%.
The November edition of Market Pulse looks at why digital assets traded alongside technology growth stocks rather than against them, what falling real yields say about investor caution and how the Anthropic listing could compete for the same growth allocation.
Executive Summary: A Fed Pause, a Record Breach and Negative Flows
October 2026 was the month the Federal Reserve paused and financial conditions tightened anyway, through lower risk appetite rather than higher yields. On October 28 the FOMC held the target range at 3.75% to 4.00% on a 10 to 2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a second hike. Treasuries rallied regardless. The 10-year yield fell 35 basis points to 4.94% and the 2-year 32 basis points to 4.56%, and almost the entire move came through real yields, which dropped 33 basis points to 2.60% while breakeven inflation held near 2.34%. Futures still priced a December hike as the more likely outcome, so the bond rally reflected a flight to quality rather than an easier policy outlook.
