U.S. stocks rallied strongly towards the end of November, as corporate tax reform began to look more and more like a reality. The S&P 500 rose 3.07%, bringing its year-to-date gain to 20.49%. International and emerging market equities turned in decent performance as well, up 1.05% and 0.20%, respectively. Despite the continued favorable stock market trends, there has been little movement in longer-term interest rates. The 10 year treasury yield seems unable to break above the mid-2.4% range, ending the month at 2.42%. Next month, the Federal Reserve is expected to raise the federal funds rate another quarter of a percentage point.