In this outlook, we discuss our predictions going into 2024 and how they are shaping up as we enter the summer. Inflation data has been hotter than expected, but markets and the Fed have largely discounted that data and are looking at the longer-term trend. We still believe inflation is moderating and the Fed is likely to cut rates this summer. The economy remains on solid footing, but stocks have advanced higher on higher expectations around earnings. If these expectations are not met, we could see market volatility ramp up later in the year.