Third Quarter 2024 Recap and Outlook

The major development in 3Q24 was the Federal Reserve’s decision to cut interest rates by -0.50%, the first rate cut of this cycle. It came as the Fed shifted its focus, with unemployment rising to a 33-month high and inflation moving back to target. In the equity market, stocks ended the quarter higher despite some turbulence, including a brief but sharp sell-off in early August. The S&P 500 posted its fourth consecutive quarterly gain and ended September near an all-time high. This letter recaps 3Q24, discusses the Fed’s first rate cut, examines the increase in market volatility, and looks ahead to the final quarter of 2024.

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