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
Maria Paola Toschi
Tilmann Galler
Hugh Gimber
Vincent Juvyns
Aaron Hussein
Maximilian McKechnie
Natasha May
Zara Nokes
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