A portfolio manager explains why the first quarter of 2024 is the perfect storm for a stock-market pullback

• Raymond Bridges has a bearish outlook on the macroeconomic front.
• Still, he expects that the remainder of the year will be accompanied by a bull rally for stocks. 
• He has reduced his short-term Treasuries exposure and increased his stock exposure. 

Economic growth continued into the third quarter of the year, with GDP growth estimated at 3.3%, according to a Goldman Sachs note from September 16.