As we reflect on 2024, many investors may ask, “what happened”? The year began with understandable investor concern about inflation and the Federal Reserve’s next move. Apprehension surrounding whether the so called, “soft-landing” had already been priced into the market, leaving little room for continued growth, shifting trends in economic conditions such as record high-debt and aging demographics, as well as geopolitical turmoil and the volatility that often accompanies an election were common discussion points. Yet, despite analyst expectations that drastic rate cuts may be required to counter the expected fall in growth, as base rates in the U.S. were over 5%, while the treasury was trading at 3.8%, this scenario never materialized.