Making Markets
Episode 46 Quarterly Market Recap: Q3 2024
Making Markets

Episode 46: Quarterly Market Recap: Q3 2024

Making Markets

Episode 46

Quarterly Market Recap: Q3 2024

Eric is the founder of Canopy Capital and the host of Making Markets. We cover the impact of the Federal Reserve's recent rate cut, the dynamics of credit versus income cycles, and the systemic risks associated with national debt and private markets.

Show Notes

(00:00:00) Welcome to Making Markets

(00:00:23) Fed Rate Cuts and Market Reactions

(00:01:32) Leverage and Market Dynamics

(00:03:07) Fiscal Stimulus and Wage Inflation

(00:06:14) Global Economic Trends and Risks

(00:11:04) Fed Policies and Historical Perspectives

(00:16:06) Inflation Concerns and Market Implications

(00:19:34) Investor Strategies and Fed Data Analysis

(00:23:17) Fed's Easing Cycle: Market Reactions

(00:23:33) Election Volatility and Market Expectations

(00:24:08) Split Government and Market Stability

(00:27:45) Corporate Credit Spreads and Economic Indicators

(00:34:17) Private Markets and Investment Trends

(00:41:01) Sports Betting and Market Regulation

(00:44:02) Predictions

Quarterly Market Recap: Q3 2024

Introduction

Matt
All right, Eric, we are through the third quarter of 2024. It was another positive quarter; most of them have been since we've been recording. The S&P was up close to 6%. NASDAQ trailed; it was only up close to 3%.

The Fed Rate Cut

But we had the big Fed cut—50 basis points, first cut since the pandemic. Broad strokes: how do you feel exiting the third quarter? Market sentiment generally? Immediate reaction.

Eric
I was of the mind that was a little bit out of favor with what should happen. And that's different than what I did believe might happen – the market was telling you the Fed was going to cut. And between Fed narratives of governors speaking to the market plus different contracts that you could look at to see what the implied probability was, we were always in this 25 basis points guaranteed.

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