Articles & Commentary

As we seek to update you on the state and the economy, we recognize that many of our clients and colleagues have limited their news consumption since the election. We are an engaged community, many of us on edge over the chaos and potential harm we may experience over the next four years. We pledge to continue keeping you updated on our fact-based interpretations of the economy and markets. We will continue to add our analysis about how the facts impact our themes of climate solutions and the environment, racial and gender equity, sustainable and regenerative agriculture, and community wealth building.

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As we write, the 2024 general election in the United States is less than two weeks away, and values-aligned investors are keenly aware of the social and environmental issues that are on the line. With this letter, we aim to put the economy and markets in context of the upcoming election, and to put this election in some historical context as well.

The US economy continues to remain resilient. In the second quarter the economy grew at an annualized rate of 3%, accelerating from an upwardly revised 1.6% expansion in the first quarter. This is in line with the 3% year-over-year GDP growth as strong consumer spending driven by a resilient labor market and wage growth continues to support the US economy. Inflation pressures continued to ease, allowing the Federal Reserve greater confidence to shift their primary focus from lowering inflation to supporting the labor market. In September, they lowered interest rates by 50 bps (0.5%), making the first rate cut in four years.

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