Review of Market Performance: Calendar Year 2024
Most risk assets enjoyed strong returns in the calendar year (CY) ended December 31, 2024. US equities led on better-than-expected economic data and AI-related growth.
Currency
Market Matters: January 31, 2025
Global equities advanced in January as cooling inflation and US tariff delays catalyzed a risk rally in the second half of the month.
Market Matters: December 31, 2024
Global equities advanced in Q4 as performance diverged among regions.
2025 Outlook: Currencies
We expect the US dollar rally will ultimately cool, with early strength giving way to modest weakening. Meanwhile, gold returns are likely to moderate in 2025 after a surge in 2024. Emerging markets’ use of stablecoins should support positive crypto returns, driving blockchain innovations and investment opportunities.
Market Matters: November 30, 2024
Global equities advanced as performance diverged among regions. US stocks surged to new all-time highs, whereas developed markets (DM) ex US peers lagged, and emerging markets (EM) shares declined.
US Manager Universe Statistics: Third Quarter 2024
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Market Matters: October 31, 2024
Global equities and fixed income declined in October as rising bond yields weighed on performance across a broad swath of asset classes.
Market Matters: September 30, 2024
Global equities advanced in Q3. Monetary easing by several major central banks and a weaker economic outlook led to a rotation favoring value over growth strategies.
The Fed Cuts Aggressively, but Remains Cautious About Future Cuts
The Federal Reserve has reduced the target range for the federal funds rate by 50 basis points (bps) to 4.75%–5.00%, the first reduction in over four years.
US Election Anxiety: Keeping Calm Amid Political Uncertainty
Markets have been jittery as the US presidential election approaches. The macro backdrop is shifting, with slowing economic growth and ebbing inflation meaning a cycle of monetary easing beckons. At the same time, elevated valuations for a variety of assets are causing investors to reconsider narratives around themes, such as AI investment, and consider asset allocation tweaks. Investors should resist positioning portfolios for any one political outcome and remember that increased market volatility around elections is common. In the following report, we discuss our views on five common election-related narratives in the marketplace today.