The chart of the week highlights the IPO market over the past 10 years. It is clear from the chart that the IPO market is strongly influenced by broader market trends and interest rates. In 2021, when the market was solid and interest rates were at 0%, there was a significant surge in IPO activity. However, 2022 experienced the weakest IPO market in the last decade, as the Federal Reserve rapidly raised interest rates. By 2024, the market began to normalize, and as we move further into 2025, it will be interesting to observe both the actions of the Federal Reserve and the policies of the new administration and how they affect the IPO market.