The turn of the year is a turn of the page for most. A turn of the year into 2023 for the markets is likely to give more of the same as 2022, at least for a while. The landscape has dramatically changed from the easy-money one of 2021 when the Federal Reserve was ‘lower for longer’, and when the market took the view ‘there is no alternative’ (TINA) to equities. 2022 not only saw a reversal in the stance of central banks to fight inflation but a reawakening and an escalation of the feud between Ukraine and Russia which began in 2014.
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