- The first chart illustrates the “Misery Index,” which is the combination of the inflation rate and the unemployment rate in election years in the U.S.
- In 2024, the Misery Index was lower at 6.5% from 8.0% in 2020 primarily due to lower unemployment (4.1% in 2024 vs 6.8% in 2020). Inflation was lower in 2020 at 1.2% vs 2.4% in 2024.
- The next chart illustrates implied market volatility year-to-date in 2024.
