The theme of 2024 has been one of resilience and surprise to the upside, as equities have continued to rally with the S&P recording +20% returns in consecutive years for the first time in 25 years, broadly syndicated loan markets have reopened for business, and credit fundamentals remain intact despite tight monetary conditions. While there is still global uncertainty both politically and economically, the outlook is more certain than twelve months ago, and with recession avoided, market sentiment remains optimistic.
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