Annual report 2024
At the beginning of the year, markets assumed that the U.S. Federal Reserve (Fed) would announce a total of six interest rate cuts in 2024. Things turned out differently. Persistent inflation thwarted the monetary authorities’ plans, leading to the first rate cut not being made until September. Following the already promising previous year, many experts also assumed that there would be a significant correction on the stock market in 2024. This did not occur either. As of 10 December – the editorial deadline for this letter – we look back on an exceptionally gratifying stock market year.