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In this letter, we take a moment to review the year 2024, before discussing our outlook going forward. It is worth acknowledging that 2024 was a year of exceptions, defined as outcomes that defied expectations.

From an economic perspective, the United States delivered outsized growth despite high interest rates, while Canada’s economy weakened under the weight of restrictive monetary policy. Politically, 2024 was a challenging year for incumbent leaders worldwide.

Looking ahead, 2025 is likely to be more sober on several fronts, given the elevated starting point for economic expectations which now manifest in higher equity valuation. President Trump’s second term adds another layer of uncertainty, particularly regarding trade policy and Canada being caught in the cross hairs at a time when its own leadership is in flux.