We analyzed the 2023 market outlook reports from ten top 10 investment banks.
Here's what they're (not-so-secretly) telling their wealthy clients about the year ahead:
Here's what they're (not-so-secretly) telling their wealthy clients about the year ahead:
1 - Goldman
Sentiment: 6 (leaning optimistic)
"US to narrowly avoid recession"
"Rates peak at 5-5.25%"
goldmansachs.com/insights/pages…
Sentiment: 6 (leaning optimistic)
"US to narrowly avoid recession"
"Rates peak at 5-5.25%"
goldmansachs.com/insights/pages…
2 - JP Morgan
Sentiment: 7 (moderately optimistic)
"A bad year for the economy, a better year for markets"
"The risks of a deep, housing-led recession of the type experienced in 2008 are low"
am.jpmorgan.com/content/dam/jp…
Sentiment: 7 (moderately optimistic)
"A bad year for the economy, a better year for markets"
"The risks of a deep, housing-led recession of the type experienced in 2008 are low"
am.jpmorgan.com/content/dam/jp…
3 - Morgan Stanley
Sentiment: 3 (moderately pessimistic)
Expect a Year of “Long and Variable Lags”
"Inflation Remains Stubbornly High"
morganstanley.com/im/publication…
Sentiment: 3 (moderately pessimistic)
Expect a Year of “Long and Variable Lags”
"Inflation Remains Stubbornly High"
morganstanley.com/im/publication…
4 - HSBC
Sentiment: 4 (leaning pessimistic)
"Headwinds from slowing growth and higher rates that have been plaguing investors will remain key market drivers."
"The good news is that even quality assets are now much cheaper."
privatebanking.hsbc.com/content/dam/pr…
Sentiment: 4 (leaning pessimistic)
"Headwinds from slowing growth and higher rates that have been plaguing investors will remain key market drivers."
"The good news is that even quality assets are now much cheaper."
privatebanking.hsbc.com/content/dam/pr…
5 - Blackrock
Sent: 2 (solidly pessimistic)
"Recession is foretold."
"Central banks won’t ride to the rescue when growth slows in this new regime, contrary to [expectations]."
"They are deliberately causing recessions . . . ."
blackrock.com/corporate/lite…
Sent: 2 (solidly pessimistic)
"Recession is foretold."
"Central banks won’t ride to the rescue when growth slows in this new regime, contrary to [expectations]."
"They are deliberately causing recessions . . . ."
blackrock.com/corporate/lite…
6 - Barclays
Sentiment: 2 (solidly pessimistic)
"The macro environment is not encouraging heading into 2023."
"Next year will be a long, hard slog."
"Major central banks will remain restrictive even as economies contract."
cib.barclays/our-insights/3…
Sentiment: 2 (solidly pessimistic)
"The macro environment is not encouraging heading into 2023."
"Next year will be a long, hard slog."
"Major central banks will remain restrictive even as economies contract."
cib.barclays/our-insights/3…
7 - Citi
Sentiment: 6 (leaning optimistic)
"In the US, we expect a mild recession."
"Markets in 2023 will lead the economic recovery we foresee for 2024."
privatebank.citibank.com/newcpb-media/m…
Sentiment: 6 (leaning optimistic)
"In the US, we expect a mild recession."
"Markets in 2023 will lead the economic recovery we foresee for 2024."
privatebank.citibank.com/newcpb-media/m…
8 - Credit Suisse
Sentiment: 4 (leaning pessimistic)
"Looking ahead, we expect financial market volatility to remain elevated as risks persist and global financial conditions remain tight."
data.stagingmag.nl/2763/issues/39…
Sentiment: 4 (leaning pessimistic)
"Looking ahead, we expect financial market volatility to remain elevated as risks persist and global financial conditions remain tight."
data.stagingmag.nl/2763/issues/39…
9 - Deutsche Bank
Sentiment: 4 (leaning pessimistic)
"Policymakers . . . now appear resigned to weaker economic growth in 2023. Any recessions are likely to be short- lived, but ... not be painless."
"Weak economic momentum is expected to continue...."
deutschewealth.com/content/dam/de…
Sentiment: 4 (leaning pessimistic)
"Policymakers . . . now appear resigned to weaker economic growth in 2023. Any recessions are likely to be short- lived, but ... not be painless."
"Weak economic momentum is expected to continue...."
deutschewealth.com/content/dam/de…
10 - Apollo Global Management
Sentiment: 4 (leaning pessimistic)
"The central themes of 2022—high inflation, potential recession, and dislocated asset prices—are expected to continue."
"A less aggressive Fed . . . should be bullish for asset prices"
apollo.com/~/media/Files/…
Sentiment: 4 (leaning pessimistic)
"The central themes of 2022—high inflation, potential recession, and dislocated asset prices—are expected to continue."
"A less aggressive Fed . . . should be bullish for asset prices"
apollo.com/~/media/Files/…
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