Time to Key In On Q1 Earnings Season

October lows and corresponding multiple expansion will now need to be justified by earnings growth

Highlights

• U.S. CPI, central bank meetings, and the start of earnings season headline a busy week

• Markets converging on a base case of just 2 Fed cuts this year

• Gold is beating equities in 2024 as the metal hits new highs

• The U.S. consumer has been buoyed by a massive wealth effect