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    Global Market Outlook
    gmo 2023

    Navigating a Bumpy Landing

    Across the world, 2022 has been an incredibly challenging year. Global economies are grappling with inflation, central bank tightening, and expectations of lower economic growth — each of which signals caution for investors. Looking to 2023, we expect market uncertainty and volatility to persist for some time, leading to a bumpy journey ahead with a wide range of possible outcomes.

    Outlooks

    On the Brink of Overtightening

    With peak inflation behind us, peak policy rates should follow. The focus shifts back to growth concerns.

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    On the Brink of Overtightening

    Bonds Are Poised for a Turn

    The Fed’s hawkish rhetoric will likely shift over the next year, opening a window for increased opportunities in fixed income.

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    Bonds Are Poised for a Turn

    Rate Peak Likely to Signal Equities Recovery

    Our base case timing for a pivot to a sustained upside move in equities is in the second half of 2023, but it all is dependent on the timing of the US rate-hike cycle reaching its peak.

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    Rate Peak Likely to Signal Equities Recovery

    Investment Themes

    Downside Protection: Why It Matters for All Markets

    In an environment of heightened market uncertainty and volatility, investors need to consider the portfolio guardrails they have in place to help withstand market disruptions.

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    Downside Protection: Why It Matters for All Markets

    Patience Is a Virtue: Finding Opportunities in Fixed Income

    Investors should prepare to make shifts in their portfolios as peak policy tightness draws closer — preserving liquidity and exercising patience in identifying entry points.

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    Patience Is a Virtue: Finding Opportunities in Fixed Income

    Keeping a Close Eye on the Dollar

    Rising yields and recession risk are likely to abate in 2023, sending the US dollar lower and opening the door for a broad rally in risk assets, particularly non-US equities.

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    Keeping a Close Eye on the Dollar

    Quick Take

    Video content has been blocked in accordance with your cookie settings. You can access this feature by accepting all cookies or adjusting your cookie settings below.

    Global Chief Investment Officer, Lori Heinel, CFA discusses our market outlook and what investors should be prepared for in 2023.

    Video 02 : 13

    Meet the Authors

    Lori Heinel, CFA

    Global Chief Investment Officer

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    Gaurav Mallik

    Chief Investment Strategist

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    Simona M Mocuta

    Chief Economist

    Read Bio

    About the Outlook

    As investment challenges grow more complex, State Street’s Global Market Outlook was created to alert investors to portfolio risks and opportunities in the coming year, based on the research of our investment teams. Research on near-term and longer-term market issues is at the heart of who we are as investors. It drives the kinds of outcome-oriented portfolios we create for clients, drawing on the full range of our indexed and active solutions, as well as our asset allocation expertise.

    View previous editions of the Global Market Outlook

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