The 2023 market outlook is murkier than a year ago and client portfolios are conservatively positioned. One year ago, equity valuations were near the 2000 bubble peak and Fed Funds rate was at zero. Avoiding expensive tech stocks and long-duration bonds was an obvious choice to us. For 2023, our highest conviction views are that […]
fund inflows
Peak Market Uncertainty in 2022
We face peak market uncertainty in 2022 as rate hikes give way to 2021’s easy liquidy. The Fed will stop expanding the balance sheet by March 2022 and it plans three rate hikes next year. This assumes core inflation falling sharply, whereas we see core inflation staying high even as headline inflation eases next year. […]