Fundamental OverviewThe Russell 2000 has been underperforming the other major indices recently and failed to extend into new highs. The conditions for a strong rally into new all-time highs remain in place though. In fact, Trump’s policies will be a positive driver for growth in 2025 and with the Fed remaining in an easing cycle, growth should remain positive and might even accelerate as signalled already by the Atlanta Fed GDPNow indicator.The only bearish reason we had for the stock market was the rise in Treasury yields in the past couple of months. That’s generally bearish only when the Fed is tightening policy though not when yields rise on positive growth expectations. Right now, the F
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