Credit Returns: 2024 Monthly Return Quilt Final Score
We start a series of brief updates to recent pieces for final scores with the 2024 Credit Returns after a quiet final week of the year.
We follow up on our full analysis of 2024 Credit Returns with a brief update for the last week to timestamp the 12-31-24 date.
Risk was the winner this year in total and excess returns with the CCC ahead for a second year in a row. December’s volatility and bear steepener led to negative total return months for all tiers except for CCC.
With such a tight starting point for spreads the excess return upside is already tough and the uncertainty of UST shape-shifting makes for a tough debate for income seekers.
See also:
HY and IG Returns since 1997: Four Bubbles and Too Many Funerals 12-31-24
Footnotes & Flashbacks: State of Yields 12-29-24
Mini Market Lookback: Last American Hero? Who wins? 12-29-24
Spread Walk: Pace vs. Direction 12-28-24
Annual and Monthly Asset Return Quilt 12-27-24
Credit Returns: 2024 Monthly Return Quilt 12-26-24
New Home Sales: Thanksgiving Delivered, What About Christmas? 12-23-24
Footnotes & Flashbacks: Credit Markets 12-23-24
Footnotes & Flashbacks: State of Yields 12-22-24
Footnotes & Flashbacks: Asset Returns 12-22-24
Mini Market Lookback: Wild Finish to the Trading Year 12-21-24
Trump Tariffs 2025: Hey EU, Guess What? 12-20-24
PCE, Income & Outlays Nov 2024: No Surprise, Little Relief 12-20-24
Existing Home Sales Nov 2024: Mortgage Vice Tightens Again 12-19-24
GDP 3Q24: Final Number at +3.1% 12-19-24
Fed Day: Now That’s a Knife 12-18-24
Credit Crib Note: Iron Mountain 12-18-24
Housing Starts Nov 2024: YoY Fade in Single Family, Solid Sequentially 12-18-24
Industrial Production: Nov 2024 Capacity Utilization 12-17-24
Retail Sales Nov24: Gift of No Surprises 12-17-24
Inflation: The Grocery Price Thing vs. Energy 12-16-24
Toll Brothers: Rich Get Richer 12-12-24
CPI Nov 2024: Steady, Not Helpful 12-11-24
Mini Market Lookback: Decoupling at Bat, Entropy on Deck? 12-7-24
Credit Crib Note: Herc Rentals (HRI) 12-6-24
Payroll Nov 2024: So Much for the Depression 12-6-24
Trade: Oct 2024 Flows, Tariff Countdown 12-5-24
JOLTS Oct 2024: Strong Starting Point for New Team in Job Openings 12-3-24
Mini Market Lookback: Tariff Wishbones, Policy Turduckens 11-30-24
3Q24 GDP Second Estimate: PCE Trim, GPDI Bump 11-27-24
New Home Sales Oct 2024: Weather Fates, Whither Rates 11-26-24
Mexico: Tariffs as the Economic Alamo 11-26-24
Tariff: Target Updates – Canada 11-26-24
Mini Market Lookback: Market Delinks from Appointment Chaos… For Now 11-23-24
Credit Crib Note: Ashtead Group 11-21-24
Mini Market Lookback: Reality Checks 11-16-24
Credit Crib Note: United Rentals (URI) 11-14-24
Mini Market Lookback: Extrapolation Time? 11-9-24
The Inflation Explanation: The Easiest Answer 11-8-24
Fixed Investment in 3Q24: Into the Weeds 11-7-24
Select Histories:
Mexico: Tariffs as the Economic Alamo 11-26-24
Tariff: Target Updates – Canada 11-26-24
Tariffs: The EU Meets the New World…Again…Maybe 10-29-24
Trump, Trade, and Tariffs: Northern Exposure, Canada Risk 10-25-24
Trump at Economic Club of Chicago: Thoughts on Autos 10-17-24
HY OAS Lows Memory Lane: 2024, 2007, and 1997 10-8-24
Credit Returns: Sept YTD and Rolling Months 10-1-24
HY Industry Mix: Damage Report 8-7-24
Volatility and the VIX Vapors: A Lookback from 1997 8-6-24
HY Pain: A 2018 Lookback to Ponder 8-3-24
Presidential GDP Dance Off: Clinton vs. Trump 7-27-24
Presidential GDP Dance Off: Reagan vs. Trump 7-27-24
The B vs. CCC Battle: Tough Neighborhood, Rough Players 7-7-24
HY Spreads: Celebrating Tumultuous Times at a Credit Peak 6-13-24
Credit Markets Across the Decades 4-8-24
Credit Cycles: Historical Lightning Round 4-8-24
Histories: Asset Return Journey from 2016 to 2023 1-21-24
Credit Performance: Excess Return Differentials in 2023 1-1-24
Return Quilts: Resilience from the Bottom Up 12-30-23
HY vs. IG Excess and Total Returns Across Cycles: The UST Kicker 12-11-23
HY Multicycle Spreads, Excess Returns, Total Returns 12-5-23
US Debt % GDP: Raiders of the Lost Treasury 5-29-23
Wild Transition Year: The Chaos of 2007 11-1-22
Greenspan’s Last Hurrah: His Wild Finish Before the Crisis 10-30-22