As inflation showed signs of slowing in the fourth quarter, both stocks and bonds recovered some of their losses from previous quarters, and most assets ended the quarter with positive returns.
Despite a relatively good final quarter, 2022 was one of the worst years in history for markets, including stocks and bonds shedding more than $30 trillion globally and the worst 60/40 portfolio returns since the Global Financial Crisis in 2008.
Although inflation has started to subside, economic activity has also, and whichever one slows faster will likely determine the severity of a recession, if one occurs.
The interplay between policymakers and their decisions on fiscal and monetary liquidity has the potential to heavily influence inflation, economic activity, and market performance in 2023.
4Q, 2022 103 Advisory Group Market Commentary
Summary
Read and download the commentary here.
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