Page 309 - DCAC February 2024 Files

Equity returns have generally been positive (but often volatile) in the two years following the final

10‐year UST returns around end of Fed hiking cycle

% price return, indexed to zero at last hike

Market Returns Following Peak Rates

rate hike, while bond returns have been very strong historically.

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• S&P 500 returns around end of Fed hiking cycle % price return, indexed to zero at last hike Sources: J.P. Morgan Guide to the Markets, FactSet, Federal Reserve, S&P Global, LSEG Datastream, J.P. Morgan Asset Management. Assumes last hike of 2022‐2023 cycle was in July 2023. Data as of December 31, 2023