January saw the S&P 500 index rally 1.5 percent, continuing the momentum of the markets since late October, and reach a new all-time high above 4900 as U.S. lawmakers agreed on another “temporary” spending bill. As Congress continues to kick the proverbial fiscal can down the road, U.S. federal debt has increased more than $1 trillion over the past three months to over $34 trillion.
Nevertheless, the interest rate on the 10-year U.S. Treasury Note fell from 4.20 percent at year-end to 3.99 percent on January 31, 2024, while oil prices rose roughly 10 percent as tensions in the Middle East escalated.