Positive Outlook for 2024

The Chief Multi-Asset Strategist, Max Kettner, maintains a positive outlook for 2024, despite concerns in the banking sector and overheating growth. He highlights that as long as growth expectations remain low, which they currently are, it is beneficial for risk assets. Pushbacks from investors regarding recession signals in the US are addressed, focusing on the levels versus changes in unemployment rate and jobless claims, which suggest the economy is still in a favorable position. Similar analysis is applied to credit card delinquencies, emphasizing that while the change in delinquencies may appear concerning, they are still at levels far from significant strains on consumers.