Highlights
In keeping with tradition, we're taking advantage of this special January edition to look back at the key events of 2024 through 10 charts.
In 2024, investors enjoyed a second consecutive year of above-average gains, thanks in large part to the significant outperformance of U.S. equities supported by an economy that continued to grow at a stronger-than-expected pace.
However, the year did not unfold entirely without a hitch. In the Summer, the rapid rise in the U.S. unemployment rate triggered the Sahm rule, a recession indicator that had never been wrong before, leading to an episode of volatility in the markets. Fortunately, inflation continued to slow, allowing central banks to begin a new cycle of monetary easing. Rate cuts were more significant on our side of the border, given the more pronounced weakness of the Canadian economy, which contributed to the Loonie’s significant depreciation against the Greenback.
Finally, a review of 2024 would not be complete without mentioning the victory of Donald Trump and his “America First” policy. Against this backdrop, the S&P 500 recorded one of its best years in almost the last 100, supported by the colossal and ever-growing weight of its tech giants.
Happy reading and best wishes for the New Year!