What a quarter to end the year! The Fed gave the capital markets what they wanted to hear – not only did they hold the Fed funds rate steady at 5.25-5.50%, but they announced that the policy rate is projected to be 4.6% by the end of 2024. Stocks and bonds staged impressive rallies. The Q4 rally provided bonds with a good year and stocks with a great year. The Fed still has work to do as it tries to engineer a soft landing. We expect 2024, like every year, will provide its own unique challenges and opportunities.
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