Preface
I heard in a song once that “the first cut is the deepest,” and I’m taking that message to heart when it comes to the Fed’s path forward.
As we forecasted in GMTFI 4 and echoed through various mediums, the FOMC delivered a 50-basis point rate cut which sent stocks higher after some obligatory Fed-day volatility. As of now I believe this will be the only outsized 50bps cut, but the Fed will remain data dependent and so will I.
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As of market close on Thursday, September 19th, 2024 the Citrindex has returned 32.31% so far for the year with less volatility than the market and a beta below 0.60. This brings returns since inception to 115.65%. Performance since the last update was driven by opportunistic trades in the Hedge basket, the Fiscal Primacy basket, as well as long positions in commercial REITs and single-name bio stocks.