First Quarter 2024 Review

At the outset of 2023, nearly every economist believed the U.S. economy was headed for a recession. When interest rates rise as quickly as they did in 2022—and the yield curve remains inverted for such a long stretch of time—a recession is what everyone should expect. For many, the U.S. economy was spiraling towards 1970s-style stagflation.

Equity markets told a different story.