The Next Chapter: Q3 2024 Macro and Markets Review

The Next Chapter: Q3 2024 Macro and Markets Review

Michael P. Heneghan, CFA, CAIA

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3Q 2024: Turning the Page, Starting a New Chapter

• The Fed’s Cutting Cycle Begins
• • After 300 days on pause above 5%, the Fed finally cut signaling the start of a new cycle of lower rates. Easier financial conditions should be supportive of the economy, providing a conducive backdrop for investors.
• Starting to Bring 2025 into View
• • With uncertainty around Fed cuts largely reduced, focus will turn to 2025. Consensus earnings expectations are for 10% growth next year, which seems a tad optimistic. We’re assuming no more multiple expansion, given elevated valuations and earnings growth closer to mid-single digits.
• The Election
• • The race is too close to call and likely remains so until November. Who wins the Oval Office as well as the makeup of Congress will determine D.C.’s influence on markets for the foreseeable future. Keep in mind that the influence is often less than most believe.

Michael P. Heneghan

SVP, Senior Investment Strategist - Bernstein Private Wealth Management

Michael P. Heneghan is a Senior Vice President and Senior Investment Strategist for Bernstein Private Wealth Management and is in the firm’s Chicago office. He is a member of Bernstein’s Private Client Investment Policy Group, which provides asset allocation, investment and risk management advice for high-net-worth clients, endowments and foundations. Prior to joining the firm in 2017, Michael was a portfolio manager at Driehaus Capital Management, and led the team that managed the personal assets of Richard Driehaus. Michael focused on the Domestic Equity Strategies, but also oversaw the management of the International, REIT, MLP, and Energy Strategies. Earlier, he was an associate equity analyst for the Special Situations team in the Global Investment Research Group at Goldman Sachs. Michael has a BS in finance and economics from Illinois State University at Normal, IL, and an MBA in finance and accounting from the Kelley School of Business at Indiana University in Bloomington, IN. Michael is a Chartered Financial Analyst and a Chartered Alternative Investment Analyst professional. He is a member of the CFA Society of Chicago.

Location:

• Maggiano's Little Italy Old Orchard - 4999 Old Orchard Shopping Ctr, Space #A28 Skokie, IL 60077
  

Rates: 

• Season Pass Members: Free
• Regular Members and member's guests: $35 in advance, $40 at the door
• Non-members: $50

Agenda: 

• 7:30 A.M. Networking
• 8:00 - 9:00 A.M. Presentation
• 9:15 A.M. Meeting Adjourns