2023 Midyear Outlooks

Thought leaders from Wellington Management provide their outlook on issues that may influence markets and portfolios.

Global Macro

	A Recession Is Looming … or Is It?	Despite a tumultuous spring, markets have held up amid warning signs from leading indicators.
	When the US Sneezes, Does the World Still Catch a Cold?	The days of global-central-bank policy convergence may be coming to an end.
	The US Economy: Inflation Loosens its Grip, but Bank Turmoil Could Put the Squeeze on Growth	Weighing the benefits of disinflation for consumers and companies against the risks of a credit crunch brought on by the recent bank crisis.

Equity

Global Equity Outlook: New Market Regime: A New Environment for Global Equities?

On themes ranging from inflation and monetary policy to deglobalization and macro volatility, a new playbook beckons for investors.

Fixed Income

	Fixed Income 2023: Will Opportunity Keep Knocking in the Second Half?	With the end of the low-inflation era, expect tectonic shifts in the economic landscape.
	Credit Market Outlook: Greater Opportunities in the Second Half of 2023?	Against a backdrop of elevated recession risks and banking-sector stress, opportunities in the relative-value sector remain.
	The “Money Illusion” Economy: Misplaced Faith in Markets?	Inflation-adjusted real wages are leaving consumers worse off than they think, but equity and credit markets may be ignoring the signals and misleading the Federal Reserve.

Global Macro

	A Recession Is Looming … or Is It?	Despite a tumultuous spring, markets have held up amid warning signs from leading indicators.
	When the US Sneezes, Does the World Still Catch a Cold?	The days of global-central-bank policy convergence may be coming to an end.
	The US Economy: Inflation Loosens its Grip, but Bank Turmoil Could Put the Squeeze on Growth	Weighing the benefits of disinflation for consumers and companies against the risks of a credit crunch brought on by the recent bank crisis.

Equity

Global Equity Outlook: New Market Regime: A New Environment for Global Equities?

On themes ranging from inflation and monetary policy to deglobalization and macro volatility, a new playbook beckons for investors.

Fixed Income

	Fixed Income 2023: Will Opportunity Keep Knocking in the Second Half?	With the end of the low-inflation era, expect tectonic shifts in the economic landscape.
	Credit Market Outlook: Greater Opportunities in the Second Half of 2023?	Against a backdrop of elevated recession risks and banking-sector stress, opportunities in the relative-value sector remain.
	The “Money Illusion” Economy: Misplaced Faith in Markets?	Inflation-adjusted real wages are leaving consumers worse off than they think, but equity and credit markets may be ignoring the signals and misleading the Federal Reserve.

Download the PDF to read all of our 2023 midyear outlooks.

Investing involves risk, including the possible loss of principal. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. • Fixed income security risks include credit, liquidity, call, duration, event and interest-rate risk. As interest rates rise, bond prices generally fall.

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