Q4 2024 Outlook: Deficits, Debt, and Inflation

We are pleased to present our Q4 2024 Outlook: Deficits, Debt, and Inflation.

In the lead article, Chief Investment Officer Michael Crook provides an in-depth analysis of the unsustainable U.S. fiscal trajectory, emphasizing escalating debt, widening deficits, and the growing burden of entitlement liabilities (page 1). This is followed by a detailed overview of our tactical perspectives (page 5) and a comprehensive review of fourth-quarter market developments (page 6). To conclude, we feature an insightful private credit spotlight from Nora Pickens, Principal of Investment Strategy (page 7).

We hope you find this content helpful. To access the report, please download below.

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Disclosures & Important Information

Any views expressed above represent the opinions of Mill Creek Capital Advisers ("MCCA") and are not intended as a forecast or guarantee of future results. This information is for educational purposes only. It is not intended to provide, and should not be relied upon for, particular investment advice. This publication has been prepared by MCCA. The publication is provided for information purposes only. The information contained in this publication has been obtained from sources that

MCCA believes to be reliable, but MCCA does not represent or warrant that it is accurate or complete. The views in this publication are those of MCCA and are subject to change, and MCCA has no obligation to update its opinions or the information in this publication. While MCCA has obtained information believed to be reliable, MCCA, nor any of their respective officers, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this publication or its contents.

© 2024 All rights reserved. Trademarks “Mill Creek,” “Mill Creek Capital” and “Mill Creek Capital Advisors” are the exclusive property of Mill Creek Capital Advisors, LLC, are registered in the U.S. Patent and Trademark Office, and may not be used without written permission.

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