Page 295 - DCAC February 2024 Files

nearly 5% in October, before falling to just under 3.9% at the end of the year. Overall, the Bloomberg
with regional banks and commercial real estate facing significant
•Extensive monetary tightening put in place by the Federal Reserve (Fed) over the last two years led
•The Fed effectively declared a win on inflation at their December meeting, holding rates steady at
•The bond market continued to experience volatility, with the 10‐year U.S. Treasury rate surging to
The “magnificent seven” dominated U.S. market returns, driving nearly
proved to be resilient. Consumer spending hit record levels, unemployment remained low, and
•Despite tighter lending standards and turmoil in the regional banking system, the U.S. economy
Equity markets around the world bounced back strongly after a tough 2022, with global stocks

5.25% to 5.5% and signaling the possibility of three quarter‐point cuts in 2024.

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Recap of 2023 to some cracks in the economy – challenges. inflation began to moderate. • gaining over 21% in 2023. two‐thirds of the S&P 500’s returns in the year. Aggregate Bond Index finished the year up ~5.5%.