Investment Letter — August 2024
This is the 1st time since the start of the year that macroeconomic indicators have shown signs of slowing.
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This is the 1st time since the start of the year that macroeconomic indicators have shown signs of slowing.
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The surprises measured by the Citigroup index point to a slight deterioration in the US economy.
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The US economy remains solid overall, as the indicators released in May attest.
LEARN MOREThe US economy continued to show its strength in April. The leading indicators for March, both the manufacturing PMI and the ISM, published on April the 1st came out above 50, confirming a phase of expansion.
LEARN MOREThe ISM manufacturing index for February, published on March 1st, came out slightly below expectations, lower than January's level and below the threshold of 50, raising fears of a contraction in activity.
LEARN MOREIn the US, Powell’s guidance during the FOMC meeting on the last day of January regarding their intention to stay put at the March meeting was proven wise by the slew of strong data throughout February, and by resurgent concerns of inflation stickiness.
LEARN MOREThe year started with markets convinced that the Fed would start cutting its key interest rates as soon as March, giving a probability of 97.5% to such an outcome on January 1st.
LEARN MOREWith all eyes on the Fed, December’s FOMC meeting proved far more exciting than the expected decision to hold rates unchanged at 5.25%-5.5% pointed to.
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Tous nos voeux de santé et de bonheur pour cette nouvelle année. We wish you a Happy Holiday season, and a healthy and prosperous New…
LEARN MOREThe month of November started with an FOMC meeting where the Fed kept its key policy rates on hold at 5.25%-5.5% for the second meeting in a row, in a unanimous decision.
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