As 2024 kicks off, we believe the macro environment may be less impactful on markets than it has been over the past two years. Interest rates have moved higher, inflation has moderated, and both can be considered normalized, or more in line with historical levels with less likelihood of large moves like those we saw in 2022 and 2023. Economic growth remains steady, but the impacts from two years of rate hikes are likely to cool the pace of expansion. Against this backdrop, we share key observations shaping our views for real asset investing as we embark on a new year.