Outlook 2025

Looking back on 2024, it clearly echoed many of the themes from 2023. There were some brief economic growth scares along the way, but by and large the broader economy continued to defy expectations and surprised once again to the upside. Stocks continued their strong performance, and the
S&P 500 is on track to record its second consecutive year of 20% plus returns as powerful trends in artificial intelligence (AI) and technology have proceeded unabated and largely overshadowed other factors like election uncertainty, continued geopolitical tension, and some rich stock valuations.

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