Summary
We wish all our clients and friends a splendid spring. Below we provide our investment outlook for the balance of 2024 and a review of markets in the 1st quarter of 2024 (1Q24).
We were especially pleased by +10.6% total returns in 1Q24 for U.S. large cap equities. S&P 500 earnings growth consensus forecasts are +9.7% for 2024 and +13.6% for 2025, and unemployment rates of 3.9% remain near historic lows. The highest interest rates in over 15 years should bode well for future fixed income total returns, with investment grade municipal bonds paying up to 4.6% tax-exempt yields.
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