Happy New Year! The year begins with hope and goodwill as the gains of the last eight weeks of 2023 made up for broad market losses in 2022. As we look at 2024, we see an economy that is still strong with an unemployment rate of 3.7 percent. The Federal Reserve has also signaled that it is done raising rates and expects to cut rates three times in 2024. All of this could be interpreted to mean a simple trajectory straight up, except that earnings were basically flat in 2023 when prices rebounded. As we anticipate profit gains in 2024, how much of these gains are already priced in? We won’t know until earnings season begins, but there is reason to be hopeful. I hope you have the opportunity to enjoy the colder temperatures of winter with family and friends!
All the Best, Jon Gauthier, President, GWM
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