For the period November 1 – November 30, 2024.  Executive Summary  With the US presidential election in the rearview mirror, US equities climbed higher in November and bond yields declined. Risk assets continue to be supported by a positive macroeconomic backdrop, solid earnings growth, and an accommodative Fed. 

For the period September 1 – September 30, 2024. Executive Summary Despite recent bouts of volatility, equity markets marched higher, ending the third quarter at all-time highs. The Fed began a recalibration of interest rates with a 50-basis point cut, as they see balanced risks to both inflation and employment.

For the period April 1 – April 30, 2024. Executive Summary Equity markets pulled back in April amid hawkish repricing of rate expectations. Inflation has proven to be stickier than most believed at the start of the year, but following the most recent Fed meeting, it still seems that the next interest rate move will be lower.

For the period March 1 – March 31, 2024. Executive Summary Equity markets continue to march higher despite the historic duration of the inverted U.S. Treasury yield curve. Inflation has moderated and stabilized, while growth expectations have modestly improved, indicating that risks between inflation and economic growth are well-balanced.

By: Wade Zhou America's economy has exploded since 1989. Gross domestic product (GDP), which measures all of the goods and services produced in a year, grew from $9.9 trillion to $22.5 trillion from 1989 to 2023 (after accounting for inflation), according to the Bureau of Economic Analysis. This figure represents a massive increase in economic output.

For the period December 1 to December 31, 2023. Executive Summary 2023 ended on a high note as the interest rate narrative shifted and consensus views broadly turned positive. The new year brings hope of an even more favorable environment for stocks and bonds, but recent history reminds us that consensus opinions can be unreliable.