The year ended leaving many frustrated and confused about the financial markets, and as we start 2023 there are some glimmers of optimism. But, in order to appreciate the real story about the economy and the financial markets, we must look beyond the current environment.
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Financial markets had a rough third quarter across the board – stocks, bonds, U.S., international, and emerging markets – hurt by rising interest rates and inflation. After a very difficult first half of the year, equity markets rebounded briefly in July and August on investor hopes of an easing in inflation and a Fed pivot or pause. The reprieve, however, was short-lived, as stocks tumbled to fresh lows in late September amid..
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It is rare that the three largest growth engines in the world, the U.S., China, and Europe, are struggling at the same time. Each is facing related, but also unique, macro-headwinds. In summary, we refer to these headwinds as “ICE” – inflation, Covid, and energy. The U.S. is dealing with historically high inflation. In China, the headwinds are largely self-inflicted, as they maintain their current Zero-Covid Policy causing them to..
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