IGA CAPITAL WEEKLY MARKET UPDATE
- Joshua Hawley
- Nov 25
- 2 min read
Structural Liquidity and Asset De-risking
Date: Monday, November 24, 2025
I. Global Liquidity and Interbank Funding Rates
The current environment continues to reflect significant fragmentation in the cost of credit across key global jurisdictions, juxtaposed with forward expectations of monetary easing in the US.
Benchmark Index | Current Rate | Date of Fix | Jurisdiction | Source |
Fed Funds Rate Effective | 3.88% | 24-Nov-25 | United States | [5] |
1M Term SOFR | 3.954% | 24-Nov-25 | United States | [6] |
30d Avg SOFR | 3.91% | 24-Nov-25 | United States | [5] |
3 Month EIBOR | 3.816160% | 20-Nov-25 | UAE | [11] |
1 Year EIBOR | 3.658610% | 20-Nov-25 | UAE | [11] |
3 Month EURIBOR | 2.047% | 21-Nov-25 | Eurozone | [12] |
12 Month EURIBOR | 2.220% | 21-Nov-25 | Eurozone | [12] |
The market-implied rate forecast suggests continued moderation in US rates, with the Implied Policy Rate projecting a decline from 3.72% (December 10, 2025) to 3.18% (July 29, 2026) [1]. This structural expectation persists despite the official Fed Funds Rate Effective standing at 3.88% [5].
II. Fixed Income and Treasury Complex
The US Treasury curve maintained a positive slope across key tenors, reflecting long-end stability relative to shorter-term central bank policy.
Metric | Current Value (24-Nov-25) | Change (1 Month) | Source |
10 Year Treasury Yield | 4.05% | +4 bps | [5] |
2s/10s Spread | 0.54% | N/A | [8] |
5s/30s Spread | 1.08% | N/A | [8] |
US Annualized CPI | 3.00% | N/A | [9] |
US GDP (YoY) | 2.10% | N/A | [10] |
III. Equities and Commodities
Global equity indices have retreated, characterized by increased volatility and asset de-risking over the past month. The VIX volatility index has increased 37.1% in the last month to 23.34 [5].
Asset Class | Index / Metric | Current Value (24-Nov-25) | Monthly % Change | Source |
Equities (US) | S&P 500 Index | 6,603 | -2.5% | [5] |
Equities (US) | Nasdaq Index | 22,273 | -3.8% | [5] |
Precious Metal | Gold Price | $4,064.98 | -1.6% | [5] |
Precious Metal | Silver Price | $50.10 | +2.2% | [5] |
Energy | Oil Price | $57.74 | -5.5% | [5] |
IV. Digital Assets: Market Structure and Valuation
The digital asset market remains an environment defined by high-magnitude valuation shifts. The spot price of Bitcoin is $88,683.72 as of the November 24, 2025, snapshot. This valuation is a function of highly reflexive market dynamics and liquidity concentration within a system lacking the long-established counterparty infrastructure of traditional capital markets. The absence of centralized oversight results in transactional efficiency, but simultaneously subjects capital to sudden, fundamental shifts in asset pricing based on sentiment and margin liquidation events.
Footnotes
"1) Fed Funds Future Implied Probability" US Federal Reserve
Implied Overnight Rate & Number of Hikes/Cuts. Fed
Fed Funds - Market Expectations vs. Fed's Dot Plot. Fed
FOMC Meeting - Wednesday, December 10, 2025. Fed
The following table: "24) Economic Dashboard" Bloomberg
The following table: "13) Forward Curves - Data" Bloomberg
The following table: "8) Bond Yield Forecast - Analyst Estimates" Bloomberg
The following table: "18) US Treasury 2/10s & 5/30s Curve" Bloomberg
Consumer Price Index (YoY) USG
Gross Domestic Product (YoY) USG
CBUAE EIBOR Rates (November 20, 2025) European Central Bank
EURIBOR Rates (November 21, 2025) UAE Central Bank
Bitcoin price data (November 24, 2025, CoinMarketCap)