Economic and Market Review November 2024

• November was a strong month for markets, with the S&P 500 achieving its best year-to-date performance since 2013, driven by optimism post-election. • The U.S. ended its fiscal year with a $1.83 trillion deficit, the third-largest on record, with spending far outpacing receipts. •Proposed deficit reduction plans aim to cut spending, but significant hurdles remain in addressing entitlements and achieving sustainable debt levels. • Credit card balances are climbing, especially among prime borrowers, while delinquency rates are higher than pre-pandemic but still below 2008 peaks. • Black Friday spending rose 3.4% YoY, with online sales surging 14.6%, partly driven by increased use of Buy-Now-Pay-Later (BNPL) agreements.

Is Your Portfolio and Retirement Safe from the Devasting Damage of Inflation?

Investors need to be aware that inflation damage compounds over time. We have undergone a secular change, and inflation will continue to move up over the medium term.