The year 2024 was a remarkable period for equity investors, with exciting technological advancements, welcomed interest rate cuts, and resilient consumer spending. As we look back, several key trends and events stand out that shaped the global investment environment.
Global markets performed well in the third quarter of 2024, continuing their positive trend this year.
This update provides a quarterly market update including insights into global markets, lower inflation, and the beginning of interest rate cuts by various central banks around the world.
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The markets have been volatile recently because inflation has not declined as expected, and interest rates remain high. Investors had thought central banks would have started discussing interest rate cuts by now, but that has yet to happen.
Since the beginning of the year, Canadian and U.S. economic data has pointed to stubborn inflation resulting in market pricing in more interest rate hikes than expected.
The Bank of Canada (BoC) has “unpaused” and effectively restarted its tightening cycle by increasing interest rates by another 25bps and signaling there might still be more hikes ahead. The BoC has now hiked by 450bps in less than 18 months—one of the most aggressive hiking cycles in Canada’s modern economic history.
When markets fall, your immediate thought might be to sell. What you don’t realize is that if you try to time the market, it could cost you more to leave than to stay invested.