U.S. large-cap stocks hit over 50 new all-time highs in 2024, ending the year up 25%. U.S. small-cap stocks gained 11%, and U.S. intermediate-term bonds ended 2024 up1%.
Post-election, small business optimism recorded the largest month-over-month increase since July 1980. A similar shift in sentiment was noted in various CFO surveys.
Despite sticky inflation and higher interest rates, the U.S. consumer remained resilient while U.S. government spending continued unchecked.
The incoming administration appears focused on the challenging task of bolstering economic growth while at the same time reducing the deficit.
The most critical element of this endeavor will be curtailing the deficit while keeping longer-term yields contained so as not to disrupt economic expansion.
4Q 2024 Commentary: Vibes
Summary
Read and download the commentary here.
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