Preface

I heard in a song once that “the first cut is the deepest,” and I’m taking that message to heart when it comes to the Fed’s path forward.

As we forecasted in GMTFI 4 and echoed through various mediums, the FOMC delivered a 50-basis point rate cut which sent stocks higher after some obligatory Fed-day volatility. As of now I believe this will be the only outsized 50bps cut, but the Fed will remain data dependent and so will I.

As of market close on Thursday, September 19th, 2024 the Citrindex has returned 32.31% so far for the year with less volatility than the market and a beta below 0.60. This brings returns since inception to 115.65%. Performance since the last update was driven by opportunistic trades in the Hedge basket, the Fiscal Primacy basket, as well as long positions in commercial REITs and single-name bio stocks.