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
Explore the Investment Outlook
Market Insights Team

Karen Ward
Chief Market Strategist, EMEA
6
years with J.P. Morgan
20
years in the Industry






Natasha May
2
years in the Industry
Natasha May is a Global Market Analyst based in London.

Zara Nokes
3
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
09na231711094117
Image Source: Getty Images and Shutterstock