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OCTOBER 2024


The Federal Reserve (Fed) GDPNow model estimates third-quarter economic growth of a healthy 2.9%. The Fed began lowering short-term interest rates with a significant 0.5% cut, signaling its support for the labor market and economy with inflation now approaching its 2.0% target. Our first article below details why recent healthy economic readings have supported this rate cut and the potential impact on investors. Let us know if you would like to discuss how this might affect you.


Unfortunately, in the world of investing, striving for perfection generally leads to inaction and missed opportunities. Continuously searching for the ideal set of circumstances, which never seem to materialize, causes folks to delay the important planning necessary to prepare for one’s financial future. Our second article discusses how perfection will derail your retirement planning. Give us a call if you would like to discuss how this may impact you.


This month's "What's Happening Now" section shares stories on 9 major Medicare changes for 2025, 10 best places to go in Europe this Fall, and 15 best National Parks to visit for stunning foliage.


We'd like to hear from you. Please feel free to contact us by phone at 614-888-2121, toll-free 877-389-2121 or email jchornyak@janney.com with any questions or comments. 

Sincerely,

Healthy Economic Readings Now Supported by Fed Interest Rate Cuts 


The Fed began lowering short-term interest rates with a significant 0.50% cut, signaling its support for the labor market and economy with inflation now approaching its 2.0% target.

Read More

How Perfection Will Derail Your Retirement


One of the biggest obstacles investors face on the road to a secure retirement is the pursuit of perfection. This may seem counterintuitive. Our culture touts “practice makes perfect”, we should be continuously training to achieve perfection.

Read More

What's Happening Now

9 Major Medicare Changes for 2025 and How They'll Impact Your Coverage

10 Best Places to Go

in Europe This Fall for a

Last-minute Escape

15 Best National Parks to Visit This Fall for Stunning Foliage and Fewer Crowds

Market Update


Wall Street got off to a good start to begin the third quarter of 2024 and continued to rally for much of the quarter. Investors spent the quarter watching inflation and economic data, trying to gauge whether the Federal Reserve might lower interest rates. Each month of the quarter provided solid evidence that inflationary pressures had been curbed. Both the personal consumption expenditures (PCE) price index and the Consumer Price Index (CPI) declined over the last three months, with the 12-month rate for the CPI ending the quarter at 2.5%, and the PCE price index closing the quarter at 2.2%. In response, the Federal Reserve cut the federal funds target rate range by 50.0 basis points, marking the first rate reduction since March 2020 in the midst of the COVID-19 pandemic. Several indexes reached new records throughout the quarter. The S&P 500 is off to its best nine-month start since 1997, while the Dow and the NASDAQ also hit new highs in the third quarter. Among the market sectors, only energy failed to close the quarter higher. The remaining 10 sectors recorded notable gains, led by utilities (19.1%), real estate (17.1%), industrials (12.6%), and materials (11.1%). Rising bond prices weighed on yields, with the yield on 10-year Treasuries closing lower in each month of the quarter. The yield on the 2-year note ended the quarter at 3.65%, a decrease of 84.0 basis points from the beginning of the quarter. Corporate earnings enjoyed a solid quarter, with 80.0% of S&P 500 companies reporting actual earnings per share (EPS) above the five-year average of 77.0%. The S&P 500 further reported growth in earnings of 11.3%, marking the highest year-over-year growth since the fourth quarter of 2021.


Eye on the Quarter Ahead

The Federal Reserve does not meet in October, so there will be some time to determine the impact of the September 50.0-basis-point rate cut. Of course, all eyes will focus on the results of the presidential and congressional elections in November.


Market update provided by Broadridge Investor Communications Solutions, Inc.

Chornyak & Associates Financial Planning Consultants
at Janney Montgomery Scott

716 Mt. Airyshire Boulevard, Suite 200, Columbus, Ohio 43235

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