Q3-24 – Global Central Banks Rally the Under-Loved and Under-Owned: Will the 4th Quarter Confirm a Regime Change in Markets?

The theme of our second quarter letter was “talk to me after the all-star game”; an ode to fans of baseball teams that get off to a hot start, but fade as
the dog days of summer give way to the important games in the fall. The third quarter, in our estimation, was going to be pivotal. It was our view that
if the market was to continue its climb to new highs, it would have to be because of something other than the “magnificent seven.” On the back of
several global central bank interest rate cuts, most notably the U.S. Federal Reserve cutting 50 basis points, and a giant stimulus package announced
by the Chinese government, stocks of all sizes and geographic locations rallied to make the third quarter of 2024 one of the strongest in recent
memory. Pivotal indeed. Click here to finish reading the Q3-24 Market Commentary.

Prepared by Schneider Downs Wealth Management Advisors, L.P.