The primary cause of market declines in 2022 was inflation and the subsequent response by central banks. Rates higher, yields higher, stock prices lower … yuck. The stock market rally in 2023 was a bit more complicated but a big driver was inflation coming back down, opening the door for central banks to stop raising rates and for bond yields to stabilize. Yay. Now with 2024 well underway and the equity market up smartly, should we be concerned that inflation doesn’t seem to be going quietly into the night?

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