The first full year of the post-COVID-pandemic era was characterized in the United States by continued economic recovery, persistently high consumer interest rates—despite three cuts in the benchmark federal funds rate in 2024, low unemployment, lower but still stubborn inflation, supply-chain disruptions caused by overseas conflicts, changing consumer spending preferences, the persistent malaise of the U.S. health care sector, auto industry headwinds prompted by decreased demand for electric vehicles, higher labor costs, and uncertainty regarding the financial and economic ramifications of the results of the 2024 elections (including the prospect of international trade wars).
One year ago, we wrote that 2023 would be remembered in…
