For a hot second there, we all thought 2025 was going to be fairly cruisy. The continuation of a strong bull-run, the end to recession fears, a couple of rate cuts. The biggest concern was perhaps the high premiums on stocks like the Magnificent Seven.

General stock market health, here and abroad, and improving investor confidence will prove to be the transmission mechanism for healthy IPO outcomes in 2025.

Not the whole curve, rather the closely watched 10 year-2 year section of the US Treasury yield curve.