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Quarterly Economic Report Q2 2024
Key takeaways
The SVB Asset Management Economic Report is a quarterly review and outlook on economic and market factors that impact global markets and business health.
01
U.S. Monetary policy remains fluid in light of economic data.
The Fed continues to assess economic data as it considers rate movements in 2024.
02
The disinflation trend slowed in Q1 2024.
Inflation is expected to decline further later this year.
03
Bond market performance was mixed in Q1 2024.
Shorter-duration strategies benefited while longer-duration strategies faced challenges.
Unemployment Remains Flat Amidst Job Creation
The unemployment rate increased slightly from 3.7% at the end of December to 3.8% at the end of March.
Inflation Shows a Slight Upward Trend
Core PCE rose 2.8% YoY as of March 2024, but the Fed continues to expect inflation to decline later in the year.
Global Central Bank Expectations
Expectations reflect lower rates for most Central Banks over the next few years.
Sources: Bloomberg and Bloomberg Barclays Indices as of 03/31/2024. Past index performance is no guarantee of future results.
Market Sector Performance is Mixed
Equities were profitable in Q1 2024, while fixed income investors faced some hurdles due to economic data and Fed sentiment.
Written and researched by SVB dedicated professionals
Hiroshi Ikemoto
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Fixed Income Trader
Hiroshi Ikemoto and his team oversee the buying and selling of fixed income securities for separately managed accounts.
Jason Graveley
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Senior Manager, Fixed Income Trading
Jason Graveley and his team are responsible for carrying out investment strategies for numerous separately managed portfolios.
Jeff Probst
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Portfolio Manager
Jeff Probst and his team are responsible for the overall strategy, security selection and risk management of client portfolios.
Jon Schwartz
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Senior Portfolio Manager
Jon Schwartz and his team are responsible for the development and execution of the strategy, security selection and risk management of client portfolios.
Jose Sevilla
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Senior Portfolio Manager
Jose Sevilla calls on more than two decades of experience in financial services to analyze, structure and monitor fixed-income portfolios for his clients.
Timothy Lee, CFA
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Senior Credit Analyst
Tim Lee researches and recommends fixed-income investments in the corporate, municipal, sovereign and securitized product sectors.
Ivan Asensio, Ph.D.
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Head of FX Risk Advisory
Ivan Asensio is responsible for delivering strategic risk management advice to clients through direct and iterative dialogue and tailored consulting engagements.
Darrell Leong
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Managing Director, Head of Investment Research
Darrell Leong leads a team of analysts and oversees the research process that includes the corporate bond, asset-backed securities, and sovereign debt sectors.
Steve Johnson
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Portfolio Manager
Steve Johnson and his team are responsible for the overall strategy, security selection and risk management of client portfolios.
Christi Fletcher
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Senior Portfolio Manager
Christi Fletcher and her team are responsible for the overall strategy, security selection and risk management of client portfolios.
Michael Duranceau
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Credit Analyst
Mike Duranceau conducts fixed income research and provides investment recommendations across the corporate credit sector.