This quarterly guide provides data and analysis on U.S. and global economic trends, market valuations, earnings, inflation, interest rates, and asset class returns. It serves as a reference for framing market conversations and making informed long-term investment decisions across cycles.
1Q 2024 Guide to the Markets
J.P. Morgan Asset Management
Research
71 Pages
Key Takeaways
Economic resilience continues: Despite higher interest rates, U.S. GDP growth remains positive, supported by strong labor markets and consumer spending
Valuations are mixed: Large-cap U.S. equities appear rich on a forward P/E basis, while international developed markets and small caps offer relatively better value
Long-term return expectations are moderate: Based on historical ranges and current conditions, projected 10–15 year returns across asset classes are lower than past averages, highlighting the need for selectivity and diversification
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