As we approach 2024, please find the following articles from the BTC Capital Investment Team, discussing top economic themes and their potential impact in the new year.

Soft Landing
In last year’s Economic Themes 2023, we prognosticated an economy that would prospectively walk a fine line and be characterized by marginally positive growth while the rate of inflation continued to gradually work its way lower. An economy on the precipice of recession due to the resolve of the Federal Reserve (Fed) to squelch an inflation rate that remained well above its targeted level.
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No Time for a Victory Lap
In reviewing 2023, the key takeaway is that it was yet another year where the consensus outlook failed to materialize. There was no recession and no equity market crash.
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Opportunity or Head-Fake?
Equity investors have been surprised with the year‑to‑date performance of broad equity markets. Do you recall that a year ago investors were lamenting over the performance of equities for all of 2022?
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Source: BTC Capital Management, Bloomberg, Bureau of Labor Statistics, Federal Reserve, FactSet, LSEG Group
The information provided has been obtained from sources deemed reliable, but BTC Capital Management and its affiliates cannot guarantee accuracy. Past performance is not a guarantee of future returns. Performance over periods exceeding 12 months has been annualized.

This content is provided for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Statements in this report are based on the views of BTC Capital Management and on information available at the time this report was prepared. Rates are subject to change based on market and/or other conditions without notice. This commentary contains no investment recommendations and should not be interpreted as investment, tax, legal, and/or financial planning advice. All investments involve risk, including the possible loss of principal. Investments are not FDIC insured and may lose value.