Santa Claus or the Grinch?

The year may be winding down as we head into November, but things seem to be heating up on markets. Global equities and bonds have rallied over the past two weeks as investors price in the end of the central bank interest rate hiking cycle, particularly in the US. Can the cheer last all the way to Christmas, or is there a market Grinch lurking somewhere? After all, it has mostly been a disappointing year as far as investment returns go.