Q1 2024 – Annandale Capital Quarterly Commentary

Our recent commentaries have been macro-focused. It’s hard not to talk about the economy. Before 2021, inflation was believed to be a relic of the past, yet it surged to 9.1% in 2022. To combat inflation, the Federal Reserve raised the Federal Funds rate from 0.1% to 5.3% in under two years, a move that many feared would cripple the economy. How-ever, the Atlanta Fed GDP Nowcast is calling for 2.9% real GDP growth, which if accurate, puts us around 6.0% nom-inal GDP growth. Wow! Despite strong economic growth and some inflation surprises, the Federal Reserve continues to signal they are “likely” finished raising rates, fueling the market with hope.  

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