--- title: The Long Run April 2024 — Reynders, McVeigh Capital Management description: In life, 90% of disappointment lies in unmet expectations. In mid-2023… image: https://blog.reyndersmcveigh.com/hubfs/Imported_Blog_Media/Screenshot-2024-04-24-at-15_40_07-980x305.png --- [![horizontal](https://blog.reyndersmcveigh.com/hubfs/horizontal.svg "horizontal")](https://reyndersmcveigh.com/) - [About](https://reyndersmcveigh.com/about) - [Who we are](https://reyndersmcveigh.com/who) - [Our Team](https://reyndersmcveigh.com/team) - [Contact](https://reyndersmcveigh.com/contact) - [Careers](https://reyndersmcveigh.com/careers) - [Services](https://reyndersmcveigh.com/services) - [Investment Management](https://reyndersmcveigh.com/investment-management) - [Financial Planning](https://reyndersmcveigh.com/financial-planning) - [Sustainable Investing](https://reyndersmcveigh.com/sustainable-investing) - [Insights](https://blog.reyndersmcveigh.com/insights) - [Forms](https://reyndersmcveigh.com/compliance) - [Form CRS](https://reyndersmcveigh.com/crs) - [Form ADV](https://reyndersmcveigh.com/s/2024-06-18-ADV-Part-2A.pdf) - [Mutual Fund](http://www.reyndersmcveighfunds.com/) [Log In](https://reyndersmcveigh.sharefile.com/Authentication/Login) [Log In](https://reyndersmcveigh.sharefile.com/Authentication/Login) Apr 24 # The Long Run April 2024 ![Screenshot-2024-04-24-at-15_40_07-980x305](https://blog.reyndersmcveigh.com/hs-fs/hubfs/Imported_Blog_Media/Screenshot-2024-04-24-at-15_40_07-980x305.png?width=980&height=305&name=Screenshot-2024-04-24-at-15_40_07-980x305.png) In life, 90% of disappointment lies in unmet expectations. In mid-2023, fears that high interest rates were leading the U.S. economy into imminent recession created a significant selloff in U.S. equity markets. This, in turn, initiated a drumbeat of calls for the Federal Reserve to rapidly cut rates. Attracted by 5% yields on risk-free cash holdings, many concerned investors escaped equities altogether in the 2023 selloff— only to see stronger-than-expected U.S. economic performance and tame inflation news drive a 25% advance in the S&P 500 in just six months. As we entered 2024, the script flipped. Equity investors, excited by a powerful bounce from 2023 lows, desired a soft landing and “immaculate” disinflation. Interest rates in the system were high enough to mute economic growth, slow the labor market, and choke off inflation without causing a recession. The expectation was that rates would fall off predictably as the economy slowed and inflation waned. The hope was that equities would then be able to continue their upward rally as we returned to the slow-growth/low-rate environment that dominated markets in the 2000s. Instead, investors have been surprised by strong economic growth in the U.S. that has kept rates and prices higher than most expected. An expanding job market suggests this current growth in economic activity is both broad-based and sustainable. [The Long Run – April 2024](https://reyndersmcveigh.com/s/Long_Run_Apr2024.pdf) - ## [Maria Egan quoted in GreenBiz](https://blog.reyndersmcveigh.com/insights/maria-egan-quoted-in-greenbiz) - ## [Opportunities in Gridlock: How “Backbone” Players in Electrification Infrastructure Shine](https://blog.reyndersmcveigh.com/insights/opportunities-in-gridlock-how-backbone-players-in-electrification-infrastructure-shine) © Reynders, McVeigh Capital Management 10 Post Office Square, Suite N1010 Boston, MA 02109 Phone: 617.226.9999 Fax: 617.226.9998 - [About](https://reyndersmcveigh.com/about) - [Services](https://reyndersmcveigh.com/services) - [Sustainable Investing](https://reyndersmcveigh.com/sustainable-investing) - [Insights](https://reyndersmcveigh.com/insights) - [Mutual Fund](http://www.reyndersmcveighfunds.com/) - [Form CRS](https://reyndersmcveigh.com/crs) - [Form ADV](https://reyndersmcveigh.com/s/2026-03-31-Form-ADV-Part-2A.pdf) Important disclosures. Views expressed within Insights are those of the authors as of the time of publication; such views are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results and may not be relied upon as investment advice. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This is not a recommendation to buy or sell the securities mentioned. Any securities mentioned were selected on an objective basis for illustrative purposes and do not represent all of the securities purchased, sold or recommended. It should not be assumed that investments in any securities mentioned has been or will be profitable. The securities do not represent all of the securities purchased, sold or recommended for advisory clients.Past performance is no guarantee of future results. Every investment carries the potential for both profit and loss. Past performance is no guarantee of future results. Every investment carries the potential for both profit and loss. By clicking on hyperlinks, you are leaving the Reynders, McVeigh website and entering a third-party site. Reynders, McVeigh is not responsible for information contained on the third-party sites. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Reynders, McVeigh Capital Management", "url" : "https://blog.reyndersmcveigh.com/insights/author/reynders-mcveigh-capital-management" }, "dateModified" : "2025-04-23T15:11:36.705Z", "datePublished" : "2024-04-24T14:00:00.000Z", "headline" : "The Long Run April 2024 — Reynders, McVeigh Capital Management", "image" : [ "https://blog.reyndersmcveigh.com/hubfs/Imported_Blog_Media/Screenshot-2024-04-24-at-15_40_07-980x305.png" ], "mainEntityOfPage" : { "@id" : "https://blog.reyndersmcveigh.com/insights/april-2024", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.reyndersmcveigh.com/hubfs/horizontal-1.svg" } } } ```