Twas two weeks before christmas 2024

Twas two weeks before Christmas, when all through Ray Jay’s house,
The markets were stirring, politics the grouse;
The results were hung by voters with care,
In the hopes that President-elect offers a peaceful affair;

The FOMC was nestled, revealing rates of the Fed’s,
While visions of employment and inflation danced in their heads;
And news in brief, and Fixed Income Solution’s rap;
Had just settled their brains for advisors to tap,

When out in the market – cabinet choice the chatter,
I sprang from my seat to see the curve flatter,
Away to Wall Street, I flew in a flash,
I dissected the numbers; my manners were brash.

The moon on the breast of a new-fallen Joe,
Gave the lustre of Trump back in the show,
When, what to my wondering eyes and career,
But new coming policies - America to adhere,

Paris Olympics, so lively and quick,
The solar eclipse proved super slick.
More rapid AI, ChatGPT changing the game,
NASA’s Artemis, Hollywood’s Oppenheimer coming to fame.

“Now O.J.! now Pete Rose! now Bill Walton! now Willie Mays!
On Toby Keith! on Phil Donahue! on On Dr. Ruth! Some deserve praise,
To the top as pros! To the top of the wall!
Now dash away! Dash away! Dash away all!”

As Odysseus to the moon it did fly,
The Francis Scott Key bridge sank and went bye-bye.
Brazil, Russia, India, China, South Africa - the Brics Bloc crew,
Saudia Arabia, Egypt, UAE, Ethiopia, Iran, will all be new.

And the unsettled world, I heard on the roof,
The Middle East and Russia, the awful proof.
As I drew in my head, and was turning around,
Trump assassination attempts astound.

Political violence is quite the brute,
Democracy under scrutiny down to the root;
Falling inflation – rising salaries must stay on track,
The boarders closing and immigrants go back.

Putin re-elected - not so merry!
World War III a thought that is scary!
U.S. corporate profits steal the show,
Our GDP continues to grow.

High mortgages elevated interest rates bequeath,
Hard on home sales and construction - we grit our teeth.
The flip hails income – a gift from the curve’s belly,
Fixed income fulfillment, like a bowl full of jelly.

Intermediate taxable to protect your wealth,
Long-term tax-free to lock in financial health.
A wink in time can change where we head,
Policies, taxes, and direction from the Fed;

The curve beginning to steepen a bond perk,
Providing more income for risk - no quirk,
Ladders and barbells, income and cash flows,
It’s a great time to put fixed income in the throws.

I spring from my desk, and avoid financial bristle,
Proposals and guidance are available in a whistle.
Our mission is yours and we will join your fight,
But most importantly remember,

“Merry Christmas to all, and to all a good night!”

The author of this material is a Trader in the Fixed Income Department of Raymond James & Associates (RJA), and is not an Analyst. Any opinions expressed may differ from opinions expressed by other departments of RJA, including our Equity Research Department, and are subject to change without notice. The data and information contained herein was obtained from sources considered to be reliable, but RJA does not guarantee its accuracy and/or completeness. Neither the information nor any opinions expressed constitute a solicitation for the purchase or sale of any security referred to herein. This material may include analysis of sectors, securities and/or derivatives that RJA may have positions, long or short, held proprietarily. RJA or its affiliates may execute transactions which may not be consistent with the report’s conclusions. RJA may also have performed investment banking services for the issuers of such securities. Investors should discuss the risks inherent in bonds with their Raymond James Financial Advisor. Risks include, but are not limited to, changes in interest rates, liquidity, credit quality, volatility, and duration. Past performance is no assurance of future results.

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