Today on the program, we welcome Fidelity’s Global Macro Director Jurrien Timmer as we get his perspectives on market trends, economic growth, global interest rates and more. The S&P 500 cap-weighted index reached a new all-time high, however, not for the equal weighted and for the small caps.  Jurrien believes higher than expected earnings, and a tight labour market are major contributors to this recent rise.  At the same time, Jurrien believes the market is overestimating the number of rate cuts the Fed will likely implement. He discusses the impact of Fed rate cuts being uncertain on Canadian homeowners and corporations.  Overall, Jurrien expects a bullish broadening theme in the market this year. He adds there is a possibility of having a short bull market but, typically, the market tends to go up 70 to 80% on average in a short bull market. But he also says, it’s still too early to tell as he describes the market as a young bull market that potentially has more runaway left.

Recorded on February 5, 2024.

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