Though there was a pullback in October, the market trajectory from November through December was generally upward, and the EEF participated in that rise right along with everyone else. The EEF’s total gross return for the year was 17.37%. The market rise was fueled by several factors, including the Fed’s November decision to halt rate increases – along with murmured hopes for several rate decreases in 2024 – and the softening inflation numbers. What the Fed does at its meeting at the end of January, if there are rate decreases and if so how many and of what size, remains to be seen. But despite global turmoil, the signs – in addition to US Treasury Secretary Jane Yellen’s declaration that “inflation has come way down,” the nation’s economy has “recovered from the pandemic” and “has transitioned to stable and steady growth” – are calming.