Outlooks – December 2023 Edition

Both equity and fixed income markets rallied in November, with the S&P 500 Index returning over 9% and some of the most commonly utilized bond indexes up over 4%. On the heels of the (upwardly revised) 5.2% growth rate in the third quarter, this might not come as much of a surprise. However, when you peel back the onion, part of the reason for the fantastic performance last month was actually due to slower economic growth expectations for the fourth quarter and beyond.

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