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01/01/25  |  Quarterly Letter

4Q 2024 Recap & 1Q 2025 Outlook

Key Updates on the Economy & Markets There was no shortage of market-moving events in Q4. The stock market opened the quarter with a slow start in October, but the outcome of the presidential election triggered a broad rally in November, which faded as the year ended. The credit market…

10/01/24  |  Quarterly Letter

3Q 2024 Recap & 4Q 2024 Outlook

Key Updates on the Economy & Markets The most significant 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…