2023 Outlook

Published on December 14, 2022

Please find a full copy of our annual outlook here.

Our investment views are rooted in an expectation that the cyclical backdrop will remain challenging in 2023. We believe global economic growth will be weak, with risks skewed to missing the current consensus expectation of 2%. And, while we expect inflation rates will trend downwards in general across those developed countries that experienced pandemic-related surges, we suspect risks are skewed to either match or exceed current consensus expectations, which for the euro area and United States are 6% and 4%, respectively.

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