Inflation as the Central Theme:

Inflation dominated the economic and political landscape in 2024, influencing market participants' decisions.

Monetary Policy & The Federal Reserve:

The Fed started lowering interest rates in September 2024, signaling a response to both inflation and a softening labor market.

Labor Market Softening:

The US unemployment rate has risen from 3.7% to 4.2% by November 2024, suggesting a weakening labor market.

Political & Fiscal Policy:

The 2024 elections saw inflation as a top voter concern.

A new administration taking office could bring changes to trade, immigration, and tax policies, potentially impacting inflation and the economy.

Market Volatility and Resilience:

The 10-year Treasury yield experienced significant volatility due to uncertainty aroun ...