A Storm is Approaching
No changes from a week ago. The Macroeconomic backdrop continues to be characterized by a slowing rate of change in overall growth, which we believe will result in contracting growth in the first half of 2023. Monetary policy remains restrictive and is likely to become more so, as last week’s inflation report increases the odds that the Federal Reserve will raise interest rates by 75 bps in November AND December. In this week’s market update, we are going to discuss what the economic and monetary policy backdrop means for your portfolios over the coming weeks and months.
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