U.S. large-cap stocks gained 5.9% during the third quarter while U.S. small caps rose 9.3%. The Bloomberg U.S. Aggregate Bond Index had its best September since 2003.
The Federal Reserve cut interest rates by 50 basis points, and it is expected to cut another 50 basis points before year end.
The U.S. Treasury’s fiscal year ended in September with a $1.9 trillion deficit, the largest ever in a non-recession year.
Investors face ambiguity around interest rates, the growing deficit, and upcoming elections, requiring nuanced vigilance in portfolio construction.
3Q 2024 Commentary: Rate Cuts and Deficits and Elections, Oh My!
Summary
Read and download the commentary here.
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