A year ago, much of the talk surrounded the potential for, and timing of, an upcoming recession. The general narrative was that both inflation and interest rates were too high and would suffocate consumer borrowing and spending, leading to an economic decline. We disagreed and looked to the underlying strength of the U.S. labour market as a point of fundamental support. Even though we expected ongoing growth in 2024, the strength and resiliency of the U.S. economy surprised us.
