May 2024

Happy May! Recent volatility in the markets might best be described by the Aesop Fable, “Be careful what you wish for, it might come true!”  As a slowing economy reduces the rate of inflation, the risk increases that we may tip into a recession. The jobs report for April shows new jobs at 175,000 versus an expected 240,000 jobs. And the U.S. economy slowed to a GDP growth rate of 1.6 percent in Q1 2023 from 4.9 percent in Q3 2023 and 3.2 percent in Q4 2023.  As an economy slows, it is hard to know when it is slowing too fast. And thus, the dilemma for the Fed when trying to cut interest rates. We won’t know if the slowdown will result in a recession until later this year. In the meantime, I hope you enjoy the late days of spring with family and friends!

All the Best, Jon Gauthier, President, GWM

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Click To Read GWM Newsletter – May 2024