In this issue:

Economic and Market Overview

Consistent Growth Continues

With an anticipated gross domestic product (GDP) growth rate of 2.4% for the fourth quarter of 2024 the annual rate will register a very respectable 2.7% for the year.

Fixed Income Commentary

Bonds Slip in the Fourth Quarter, but Post Second Consecutive Annual Gain

Core bonds ended the fourth quarter down 3.10% due to rising interest rates.

Equity Commentary

Quarter in Review

Going into the final day of trading, the front page of the Wall Street Journal proclaimed, “Stocks on Pace for Best Two Years in a Quarter-Century.” This should have specified “United States Stocks,” which sustained their leadership through the fourth quarter to close out a great year.