JAN NIBJ: Economic outlook good for 2024

COEUR d’ALENE — In the finance world, 2023 was a bit like something out of a fairy tale and 2024 is shaping up to be even better.

“A lot of people call it the Goldilocks economy,” said Mic Armon, a financial advisor at Stifel in Coeur d’Alene. “Not too hot, not too cold. Just right.”

With interest rates climbing and the stock market going strong, Armon said 2023 was an interesting year in the finance world. He expects economic conditions to improve in the coming year.

“It looks like the Federal Reserve is going to start cutting interest rates in 2024, which should be very positive for investors who are buying bonds,” he said. “Interest rates will still be coming down, so if you’re buying CDs or things that are shorter term, you’ll probably see lower rates.”

Armon noted that the Dow Jones Industrial Average recently hit an all-time high, surpassing 37,000 for the first time ever, after the Federal Reserve indicated it would hold interest rates steady and hinted at possible rate cuts next year.

“I think the stock market should rally pretty strongly,” he said.

The year was a good one for Stifel, as well. The firm has grown rapidly since the Coeur d’Alene office opened in 2013, though that doesn’t necessarily mean staffing has increased. Rather, Stifel gauges growth based on how many clients they serve and what they do for those clients.

“If they do well, we do well,” Armon said. “We’re kind of in partnership with our clients.”

Stifel’s financial advisors closely follow what’s happening in various markets, particularly the stock market and bond market, in order to make decisions for their clients.

“Our philosophy here is we feel we have the ability to help just about anybody who has financial needs to give them access to various markets,” Armon said. “You sit down and you look at the whole scope of their financial situation, not just their investments.”

While some firms saw substantial changes in 2023, the 127-year-old Stifel takes pride in remaining steady and sticking with what works.

“Stability is good. That’s what we strive for. When you’re managing people’s money, they don’t want to see a lot of change,” Armon said with a laugh.

All told, Armon said he expects another good year for Stifel and for the broader economy.

“We’re seeing a pretty good economy and we think that’s going to continue in 2024,” he said.