Sage Advice 1Q24 Market Review + Outlook

April 16, 2024 — The first quarter delivered strong growth signals and upside surprises in data globally, boosting sentiment but clouding the outlook for rates and inflation. Outside the US there were signs of a broadening growth picture as key manufacturing (PMI) data in both Europe and China moved into expansion territory. In the US, consumption data remained solid, jobs data showed signs of reaccelerating, and services activity remained robust. These trends supported risk markets and applied pressure on rates throughout the first quarter; however, they have begun to stall into the second quarter on inflation worries and rising geopolitical tensions.