DoubleLine Macro Assets 23 for 2023
From consensus federal funds rate forecasts made at the start of 2022 that would widely miss the mark (1:24) to the total decline in crypto market cap (30:45), Sam Garza, Ryan Kimmel and Fei He of DoubeLine’s Multi-Asset Team take a quick spin through a rough 2022 while looking at prospects for 2023 with the assistance of 23 charts. The trio’s review includes a rundown of cross asset performance in 2022 (3:33) and the labor demand-supply balance (9:21); Mr. He’s inflation outlook for 2023 (13:24); and growth prospects for the U.S., U.K. and Europe next year (16:25). With the threat of recession looming, Messrs. Garza and Kimmel also discuss the return potential for bonds (22:20) before diving into U.S. equity performance (27:48). “Over the coming possible year, we’ll really get a sense of whether we’re still in the easy-money policy world,” Mr. Garza notes, “or we transition to some other type of world, possibly a world of higher baseline inflation and spurred on by deglobalization and some other factors.
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