December 2024 Market Update from Canada Life Investment Management

Global equity markets moved lower over the month of December. The U.S. Federal Reserve Board (“Fed”) lowered its expectations for rate cuts in 2025. Global inflation rates edged higher, largely in response to low base-year prices of energy products. Services sector activity continued to drive growth, while manufacturing activity
remained soft. The Fed, Bank of Canada (“BoC”) and European Central Bank (“ECB”) all lowered rates in December, while the Bank of England (“BoE”) and Bank of Japan (“BoJ”) held steady.