1、2023 Global Market OutlookNavigating a Bumpy LandingNavigating a Bumpy Landing2Contents04 Outlooks05 On the Brink of Overtightening08 Bonds Are Poised for a Turn11 Rate Peak Likely to Signal Equities Recovery13 Investment Themes14 Downside Protection:Why It Matters for All Markets17 Patience Is a Vi

2、rtue:Finding Opportunities in Fixed Income21 Keeping a Close Eye on the Dollar3Navigating a Bumpy LandingAcross the world,2022 has been an incredibly challenging year.Global economies are grappling with inflation,central bank tightening,and expectations of lower economic growth each of which signals

3、 caution for investors.Looking to 2023,we expect market uncertainty and volatility to persist for some time,leading to a bumpy journey ahead with a wide range of possible outcomes.We anticipate more clarity will be achieved in 2023 as we see rates peak in much of the developed world,but what follows

4、 is anything but clear.2023 will not be a straight path.Many risks to a sustained recovery remain.Navigating a Bumpy LandingOutlooksOn the Brink of OvertighteningWith peak inflation behind us,peak policy rates should follow.The focus shifts back to growth concerns.Bonds Are Poised for a TurnThe Feds

5、 hawkish rhetoric will likely shift over the next year,opening a window for increased opportunities in fixed income.Rate Peak Likely to Signal Equities RecoveryA pivot to a sustained upside move in equities is likely in the second half of 2023,but that is dependent on the timing of the US rate-hike

6、cycle reaching its peak.5Navigating a Bumpy LandingLori Heinel,CFAGlobal Chief Investment OfficerSimona M.MocutaChief EconomistGaurav MallikChief Investment Strategist2023 OutlookOn the Brink of OvertighteningAcross the world,2022 has been an incredibly challenging year.Global economies are grapplin