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Capital Market Outlook

January 9, 2023


  • Macro Strategy — The State of the U.S. Consumer: We believe consumers will continue to trade down and defer discretionary spending as economic data deteriorates.
  • Market View — Janet Yellen Is Right: Ending the War Is Key to the Year Ahead: One key outlier to watch is the military conflict in Ukraine and the myriad ways the conflict affects asset prices in the U.S. and abroad.
  • Thought of the Week — 2022's Bright Spots Could Continue To Shine: Some market segments that worked relatively well in 2022 could continue to see tailwinds in early 2023.​

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