Good news on the US economy:
• The S&P 500 returned +21% through the first three quarters of 2024, marking its best performance since 1997.
• U.S. Treasuries rallied in the quarter. The yield curve flipped positive early in September, after being inverted since mid-2022.
• Gold (+14.7%) enjoyed its biggest gain since 2016.
• Second quarter U.S. GDP grew at 3.0%, and prior years were revised higher.
• The household savings rate was revised up to 5.2% from a previously reported 3.3%.
• Corporate profits rose to a near-record 13.2% of GDP.
• The Federal Reserve delivered its first rate, with more to come.
• Federal annual deficits are down 47% since the end of the Trump administration.
• The Biden economy is the envy of the world.