Market Update – October 7th, 2024

Stocks ended the week slightly lower but still near all-time highs, as the September jobs report surprised markets with stronger-than-expected results. The unemployment rate fell to 4.1% in September and nonfarm payroll gains jumped to 254,000, both better than expectations.

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Market Update – Sept 30th, 2024

During the last full week of September, equites saw gains, as softer-than-expected PCE inflation data signaled continued disinflation. The PCE Index showed annual headline inflation at 2.2% and core inflation at 2.7%, reflecting minimal monthly price increases of just 0.1% for both measures. Meanwhile, personal income and spending grew by 0.2% in August, and the personal savings rate held at 4.8%, indicating a fair balance of income, spending, and saving.

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Market Update – Sept 23rd, 2024

Last week, stocks hit new all-time highs, driven by the Federal Reserve’s jumbo 50 basis point rate cut, the first in over four years, reducing the Federal Funds Rate to 4.75%–5%. Additionally, in the Fed’s quarterly Summary of Economic Projections, the central bank reflected a more aggressive trajectory for future cuts.

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Manager’s Thoughts: The First Rate Cut

Wednesday’s FOMC meeting marked a pivotal moment as the Federal Reserve implemented its first rate cut in four years. This was not just any rate cut; it was a substantial reduction of 50 basis points, exceeding market expectations of a 25 bps cut, which had already been fully priced in.

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