Our goal for Investment Perspectives is for it to be one of the ways that we communicate our thinking (past and present) to clients and the general public. We believe that investing is an iterative process and we know of no better way to test our own thinking than to share it with others. We encourage readers to send us their thoughts or questions.
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To Cut, or Not to Cut, that is the Question
“The only function of economic forecasting is to make astrology look respectable.”
– John Kenneth Galbraith, Economist
Despite the Federal Reserves’ attempts to pump the brakes on the U.S. economy to subdue inflation, we appear to have avoided a hard landing, with the labor market and other measures of economic activity showing continued resilience. This set the stage for another strong quarter of stock performance. The S&P 500 returned just over 10% in the first quarter of 2024, with all major U.S. equity benchmarks (the Dow Jones Industrial Average, NASDAQ, and S&P 500) reaching new all-time highs.
Market performance has remained concentrated, with some of the biggest contributors having changed. At the same time, the U.S. equity market has broadened from a performance perspective. As the table below shows, five sectors are now outperforming the total index.
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