2023 Outlook — The New Recession Playbook

2022 has been a year of heightened volatility and disappointing price action across asset classes. The pandemic’s ripple effects have sparked once-in-a-century shifts in the job market, real estate, government financing, and global supply chains. Most importantly, we have likely bid farewell to the last decade’s norm of low inflation and easy financial conditions, adding uncertainty to the shape of next year’s slowdown and recovery path.

As we look ahead to next year, one thing appears certain: this cycle will look very different from the last. Investors’ allocations may need to shift in response. 

Our 2023 Outlook responds to these shifts with tangible asset allocation ideas.