Veris Economic and Market Update: Q2 2024
By Jane Swan, CFA and Roraj Pradhananga, CIMA & CPA
The first half of 2024 has brought significant volatility to stock markets, expectations about possible interest rate cuts, and to our political process in the United States. In our summer letter we aim to make sense of this volatility and help shed light on some of the possibilities in the months ahead.
The US economy remains resilient, but growth is starting to slow, as many households have depleted their excess savings and as the labor market has begun to soften. Elevated interest rates, tightening lending standards and slowing consumer credit growth are expected to continue to be headwinds. US consumer sentiment has decreased to a 7-month low in June as higher prices continue to weigh heavily on Americans’ finances and impact their living standard.¹