Cracks Beneath The Surface

Hi folks! My apologies for such a long gap between posts. I am going to give you a bit longer of a report today in return. I’m hoping to try to work out a more regular schedule and cadence to these posts over the holidays. I’ll be sure to let you all know!

Executive Summary

The story of 2024 was one of resilience in the face of unprecedented monetary tightening. As we enter 2025, the U.S. economy presents a complex picture of resilience masking underlying vulnerabilities:

Let’s dive in.