As we approach the end of 2024, it’s an opportune time to reflect on the year’s financial developments and consider what 2025 may bring.
Key Economic Factors in 2024
Interest Rates: The Federal Reserve lowered rates by 0.5% in September — the first reduction since 2020 — bringing the federal funds rate to a range between 4.75% and 5%.
Inflation: The Consumer Price Index receded from 6.4% in January 2023 to 2.9% in July 2024. The unemployment rate rose to 4.2% in August.
GDP Growth: Real GDP grew 3.0% in Q2 2024, led by stronger domestic demand.
Market Performance: As of end of October, the S&P 500 was up 19.62%, the Dow Jones rose 10.81%, and the NASDAQ increased 20.54%. Past performance does not guarantee future results.
Looking Ahead
We encourage you to schedule a review with your financial advisor to discuss how these factors may affect your personal financial plan going into the new year.
