First Word

Thu December 29, 2022

2022 has been a year of "shocks" and "sudden changes."Stubbornly high Inflation was an unexpected “shock” in 2022 that weighed on equity performance, but recent trends show it is falling just as quickly as it rosePersistently elevated geopolitical tensions from conflict between Russia and Ukraine...

SPECIAL: Zooming Out, 2022 was a year of roundtrips. Fed remains principal risk to markets, but we see reaction function changing as inflation continues to fall.