A Lost Decade

Porter's Journal Issue #4, Volume #2

It Will Take 10 Years To Rebound 

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Table of Contents

Three Things You Need To Know Now:

1. “Higher for longer” is back. Fed rate-cut expectations have plunged following last week’s stronger-than-expected jobs report. The market is now pricing in just two additional cuts for all of 2025 versus expectations for six in September (though we wouldn’t be surprised if there were zero cuts this year). In anticipation of rates being higher for longer, money market funds experienced $143 billion in inflows last week, the biggest weekly rise since April 2020. Total U.S. money market assets now sit at a record $6.9 trillion.

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