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January 4, 2024
December 2023 Economic & Market Highlights
The CPC Team
- December was a continuation of market strength driven primarily by expectations of interest rate cuts in 2024. Stocks and bonds both experienced positive returns in the final month of the year.
- Small caps had another stellar month, up 12.22%, as the potential for rate cuts in 2024 drove rotation away from larger companies.
- Treasury yields declined further, with the 10-year Treasury yield ending the year at 3.87%. This is around 0.01% away from where it began the year.
- The U.S. economy is on track to end 2023 with a strong annualized GDP growth rate of nearly 2.5%, surpassing expectations from a year ago. This growth was driven by a resilient labor market, rising wages, continued consumer spending, and disinflation despite higher interest rates.
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