Commentary
Fourth Quarter 2023 Quarterly Market Update
Market outlook: Choppy markets ahead
Key Takeaways
- Markets: Stalling disinflation, rising bond yields, and an uncertain global economic outlook set the stage for a choppy market during the third quarter, despite solid economic and corporate activity.
- Economy: As major global economies remained in late-cycle expansion, central banks shrank their balance sheets to combat inflation. With more challenged liquidity, market volatility could increase.
- Investments: Most major U.S. and non-U.S. stock and bond categories declined in Q3, though rising oil prices pushed commodities and energy stocks higher.
- Valuations: After years of very low bond yields and tight credit spreads, fixed income assets may offer relatively better income opportunities with more attractive valuations.
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