Stepping Up to the Plate: A Quarter to Remember
Last newsletter, we described the backdrop as a “Goldilocks window with a touch of fragility.” Growth was holding, inflation was sticky but manageable, the Dollar was weak, and volatility was drifting lower. Earnings were accelerating, and we had visibility into potential rate cuts ahead. We suggested it was a good backdrop to be in—so long as the fragile balance wasn’t disturbed.
That proved to be the right frame. Q3 played out accordingly: U.S. GDP growth accelerated to 3%+, earnings beat expectations at +11%, the Dollar stayed soft, and volatility fell back to multi-year lows, pushing markets higher.
So where does that leave us heading into Q4?
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