The past year featured high volatility and disappointing price action across asset classes. The pandemic 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 low inflation and easy financial conditions—all adding uncertainty to next year’s slowdown and the path to a recovery.

Looking to 2023, one thing appears certain: this cycle may look very different from the last and allocations may need to shift in response. 


Explore our outlook for 2023.