2024 - Portfolio diversification is key

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2024 – Portfolio diversification is key

The ‘Santa Claus Rally’ arrived for global share markets as the long-awaited pivot in monetary policy from the US Federal Reserve arrived at its December meeting. Although the Fed kept the federal funds rate target on hold, it flagged the current rate hike cycle was as good as over, with three rate cuts forecast in 2024. Triggered initially by a positive US inflation data print and extended in December by a surprisingly dovish statement by Fed Chair Jerome Powell, bond yields reverted to levels aligned with a ‘soft landing’ scenario.

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