3Q24 Commentary: As the Fed Provides a Clearer Fiscal Policy Roadmap, Our Models Signal for Less Risk

Q3 2024 saw a broad rally driven by small-cap, value stocks, and international markets as central banks cut rates. Looking ahead, caution is shifting focus to selective opportunities in sectors like financials, healthcare, and industrials.

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Fireside Charts
China Attempts to Calm Markets, Small- and Mid-cap Equities’ Relative Attractiveness, Update on the Fed’s Latest Rate Projections

China Attempts to Calm Markets, Small- and Mid-cap Equities’ Relative Attractiveness, Update on the Fed’s Latest Rate Projections

The Chinese government is attempting to calm markets after steep price declines. Employees may be returning to the office, but companies aren’t leasing new office space just yet. Performance of small- and...

Fireside Charts
Higher Mortgage Rates Reducing “Stimulus”, Effects of Rising Gas Prices on Consumers, War’s Impact on the Wheat Market

Higher Mortgage Rates Reducing “Stimulus”, Effects of Rising Gas Prices on Consumers, War’s Impact on the Wheat Market

Rising house prices and falling or low interest rates act as a form of “stimulus” to homeowners as they refinance their mortgages. So far, higher debt levels haven’t caused any financial stress for households...