"Expectations for GDP growth in 2023 keep getting revised lower as economists are wrapping their collective heads around the idea that a recession is coming.”
— Sébastien Mc Mahon and Adil Mahroug
Highlights:
- Although GDP growth has held through 2022, next year is shaping up to be more fragile.
- The expectations for a coming central bank pivot might be overly optimistic, as history suggests it might not happen until late 2023/early 2024.
- We remain careful about calling the end of the current bear market. Our positioning remains tilted away from equities and more towards sovereign bonds
Your current economic review is also in the Document Centre of the Advisor Centre every month!
Search with the keyword "Macro" or bookmark the following link: Monthly Macro and Strategy
Sébastien Mc Mahon, MA, PRM, CFA
Chief Strategist, Senior Economist and Vice-President, Asset Allocation & Portfolio Manager
Adil Mahroug, M. Sc.
Senior Strategist and Director, Asset Allocation
