Macro overview
It is extraordinary how the market narrative swung over the course of 2023. Coming into the year the predominant view was that we were stuck in the grips of 1970s-style stagflation. With central banks slamming on the brakes it is no wonder so many, ourselves included, expected a recession. That is usually what happens when interest rates rise so sharply.
Exhibit 1: Usually monetary tightening causes recessions
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Market Insights Team
Karen Ward
Chief Market Strategist, EMEA
7
years with J.P. Morgan
21
years in the Industry
Natasha May
2
years with J.P. Morgan
3
years in the Industry
Natasha May is a Global Market Analyst based in London.
Zara Nokes
2
years with J.P. Morgan
4
years in the Industry
Zara Nokes is a Global Market Analyst based in London.
Karen Ward
Chief Market Strategist, EMEA
Maria Paola Toschi
Tilmann Galler
Vincent Juvyns
Hugh Gimber
Maximilian McKechnie
Natasha May
Zara Nokes
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