2023 In 500 Words

Many investors (I dare say a preponderance or at least a plurality assuming the existence of several competing macro narratives) came into 2023 assuming a US economic slowdown was imminent. Monetary policy acts on a lag, after all, and while the timing varies from cycle to cycle, it'd be 12 months come March and the rapidity and scope of the rate-hike blitz was generally seen as an argument for faster transmission. In one sense, such predictions were borne out. There was a banking crisis 12 mo