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January 2025 Review and Outlook

Executive summary:Mixed start to earnings seasonBreadth improving with equal weight outperforming cap weighted indexDeepSeek sends shockwaves through the AI tradeFed holds rates steady as expected – no cuts expected until…

The Fed Won’t Get to Be Boring for Too Long

The lived up to expectations: boring. Boring is fine. They kept the federal funds rate unchanged at a range of 4.25% to 4.50%. The only market reaction resulted from some heavy-handed editing of the FOMC that Fed Chair Powell had to…