Commentary
Second Quarter 2024 Quarterly Market Update
Market outlook: Global expansion broadened and disinflation slowed
Key Takeaways
- Markets: Stock prices and bond yields rose in the first quarter. Markets have continued to benefit from momentum and easier financial conditions.
- Economy: Consumer spending continues to support the US late-cycle expansion phase, with signs of mid-cycle dynamics rising. Core US inflation pressures appear persistent, implying the “last mile” of disinflation toward the Fed’s target may be difficult without greater economic slowing.
- Investments: Most global stock categories registered a positive first quarter, led by the US. Some equity sectors and categories, including non-US stocks, have priced in less good news and appear relatively attractive.
- Valuations: Global earnings appear to be strengthening and investors are optimistic that earnings growth will continue a broad rebound this year. But upside surprises may be tough amid low market volatility and higher valuations.
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Second Quarter 2024 Quarterly Market Update
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