In this issue:

Economic and Market Overview

2023 Economic Review

Throughout 2023 we repeatedly used the term “resilient” to describe the U.S. economy. The most readily visible evidence of this resilience was seen in quarterly GDP results.

Fixed Income Commentary

Core Fixed Income Post Best Quarterly Returns in 35 Years

Core bonds returned 6.8% in the fourth quarter, which was the best quarterly return since 1989.

Equity Commentary

Thank You, Sir – May I Have Another?

Equity investors received an unexpected gift of broad market returns during the fourth quarter, capping a year in which global equity performance exceeded expectations.