The Goldilocks era for investing — in which markets enjoyed low inflation, moderate economic growth and a flood of central bank-backed liquidity — has shifted significantly.

In our annual outlook, the Blue Book, our investment leaders detail emerging and evolving themes and how these inform their views on different asset classes.

Here’s what we expect for 2023:

• Central bank actions of 2022 will slow growth, as interest rates will be “higher for longer.”
• Despite this economic backdrop, equity markets will begin to look ahead to the next business cycle.
• Geopolitical turmoil of 2022 will likely have staying power as tensions between the West and Russia, as well as China, will continue to build.

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