Q3 Quarterly Commentary

As part of our commitment to informing you about your investments, we are pleased to provide your quarterly performance report for Q3 2024. You can find this report when you log into your Raymond James account and navigate to the ‘Vault'. We plan to continue uploading these reports at the beginning of January, April, July, and October.

Market Overview:

The third quarter of 2024 saw markets at a crossroads, with the Federal Reserve lowering interest rates for the first time since beginning their aggressive hiking cycle. Despite this shift, it’s been the best start to a year through the first three quarters since 1997, as the stock market has continued its strong upward trajectory. This move by the Fed signals a potential shift in the economic landscape, offering a glimpse of relief after months of tightening financial conditions. Despite some signs of slowing, the economy has remained resilient, powered by consumer and business spending, though both are starting to taper off. The Fed's recent rate cuts are designed to manage inflation while keeping the economy on a path to stable growth.

As we move into the year's final quarter, questions loom about the direction of markets. Will we see a smooth ride toward a soft landing, or will bumps in the road—such as election uncertainty and global market shifts—create volatility? For now, stocks have held their ground, and bonds provide solid income, creating opportunities for balance across portfolios. As always, we stay nimble and well-positioned for whatever lies ahead.