What a year, 2024. But we’re getting through it. Some said the Fed wouldn’t come down at all in 2024. We were not one of those. We live in a world of change. The pandemic exacerbated consumer thoughts. The evolution of technology playing an increasing role. Chair Powell struck the right tone last week in our view. No preset course.

The “buckets” around potential change on the fiscal side are largely known. The outcomes not as much.

It’s not 2016 or 2020. This world is moving quickly. Nominal growth is not the challenge. It’s the supply side of the economy that will continue to be the focus bar none. Critical.

Can you achieve growth, stable inflation, jobs for many, and within the confines of low rates. That’s the question in front of us. We believe we can in the United States. Chair Powell does too, and it will take collaboration.

Gregory (Greg) Faranello, CFA Head of US Rates at AmeriVet Securities, Inc. reviews the situation in this week’s Monday Minutes.