February 2024

Happy February! The U.S. economy continues to expand, growing 3.3 percent in Q4 2023, and 2.5 percent for all of 2023. The economy added 353,000 jobs in January on top of 3 million jobs for all of 2023. In addition, consumer confidence as measured by the University of Michigan sentiment survey increased to its highest level since July 2021. The difficulty in the near term is that the Federal Reserve expects to cut rates three times in 2024, but they are less inclined to do so if the economy is already running on all cylinders. We anticipate further market volatility because of higher interest rates for longer, but at least it is a good problem (for now). Too much growth! I hope you have the opportunity to enjoy the remaining days of winter with family and friends.

All the Best, Jon Gauthier, President, GWM

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Click To Read GWM Newsletter – February 2024