Recent growth data have been muddled and subject to conflicting interpretations. There have been mixed signals from leading indicators and hard data and divergent readings across major economies.

The Federal Reserve’s balance sheet is one of the world’s most important security portfolios. Yet, its ongoing importance for markets and financial conditions is often underappreciated.

The deceleration of the core PCE (Personal Consumption Expenditures) inflation rate in the second half of 2023 catalyzed a pivot in monetary policy messaging and shifted market pricing for the path of policy rates in 2024.

Markets in 2023 kept investors on the edge of their seats. Groundbreaking technological advancements, mega-popstars being blamed for summertime inflation, and a December Fed pivot were just a few of the plot twists.

Insurance is making national headlines in 2023 as major providers retreat from writing new policies in large parts of the country and renewal premium prices skyrocket.

Monetary and fiscal policy are typically thought of as independent tools that central banks and governments use to manage the economy.

There have been glimmers of hope in 2023 that the inflation fixation of 2022 was a transitory phenomenon. In particular, the market has begun to more closely monitor jobs market data releases to try to spot signs of a labor market and wage slowdown.