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A Year In Review

2023 was a year of economic surprises and resilience, with the global economy and financial markets experiencing a series of unexpected twists and turns. The year began with hopes of lower inflation and a strong economy, but there were some bumps along the way. In the United States, the Federal Reserve continued its aggressive monetary policy, raising interest rates throughout the year in an attempt to curb inflation. The rapid rise in interest rates led to several large banks to include Silicon Valley Bank (SVB) either being seized by government regulators or coerced into hastily arranged mergers. Despite these efforts, inflation remained stubbornly high compared to the Federal Reserve’s desired 2% target, hovering around 3% for much of the year. However, the US economy proved resilient, with GDP growth remaining steady and unemployment staying low. The global economy also faced challenges in 2023, with Europe and Asia experiencing slower growth than in previous years. However, there were some bright spots, with emerging markets such as India and Brazil performing well. 


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The stock market in 2023 was characterized by volatility, with major indices experiencing both sharp gains and losses throughout the year. Despite this, the S&P 500 managed to end the year markedly higher, thanks to stable corporate earnings and a technology sector that produced outsized gains. The bond market in 2023 was also marked by uncertainty, as investors grappled with the possibility of a recession, stubborn inflation and the direction of interest rates. However, the bond market remained relatively stable, with yields on the benchmark 10 year government bonds dipping near year end 69 basis points to finish at 3.9% and almost unchanged from a year before.

In conclusion, 2023 was a year of economic resilience, with the global economy and financial markets weathering a series of banking, inflation, and interest rate challenges. While there were some bumps along the way, the year ended on a positive note, with the US economy remaining strong and the stock market posting gains.
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