Page 66 - DCAC November 2024 Files

•The stock market has performed well after rate cuts –when the economy has avoided a recession.
U.S. 10-year returns around start of Fed cutting cycles
•The bond market has consistently provided positive returns after the first rate cut.
Market Performance Around Rate Cuts
Sources: J.P. Morgan Asset Management, FactSet, Federal Reserve, LSEG Datastream, S&P Global. Data as of 09/30/2024.
S&P 500 returns around start of Fed cutting cycles