Global equity markets moved lower over the month of December. The U.S. Federal Reserve Board (“Fed”) lowered its expectations for rate cuts in 2025. Global inflation rates edged higher, largely in response to low base-year prices of energy products. Services sector activity continued to drive growth, while manufacturing activity remained soft. The Fed, Bank of Canada (“BoC”) and European Central Bank (“ECB”) all lowered rates in December, while the Bank of England (“BoE”) and Bank of Japan (“BoJ”) held steady.
In Canada, the S&P/TSX Composite Index dropped over the month. The Communication Services sector was the worst performer. U.S. equities also declined. Oil prices moved higher, while the price of gold declined. Yields on 10-year government bonds in Canada and the U.S. increased over the month.
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