Q4, like much of 2023, defied many expectations. The Federal Reserve's efforts to combat rampant inflation through interest rate hikes have dominated headlines with predictions of a potential recession in the U.S. economy. However, the economy exhibited remarkable resilience, and as inflation gradually subsided, the Fed not only refrained from further tightening but began hinting at dropping rates soon. This unexpected turn of events led to a massive rally in U.S. stocks in Q4, with the total market index Russell 3000 up 12.07% in the quarter.