When Uncertainty Becomes a Certainty
Feb 2, 2023 • Commentary
2022 was a tumultuous year: NASDAQ, a tech-heavy stock index, closed the year down more than 30%; inflation proved more stubborn than policymakers initially thought and reached 40-year highs; Russia invaded Ukraine, sending commodity prices even higher; and central banks cranked up rates in response, the Federal Reserve raising interest rates at an unprecedented pace in recent history from around zero to over 4%. As we entered 2023, the global economy stood “on a razor’s edge,” the World Bank warned in its latest projections. Add to that a divided Congress with razor-thin majorities, political wrangling over the debt ceiling, and increasingly frequent catastrophic weather events, and it leaves one wondering where we are all headed.