The past year rewarded both stock and bond investors alike as the global economy continued to expand in the wake of higher interest rates. At this time last year, most economists were predicting a recession at some point in 2023 as central banks around the world confronted inflation head on – using interest rates as their weapon of choice. Against the odds, both the economy and markets remained resilient. Meanwhile, inflationary pressures subsided, and corporate earnings held strong. Today, all measures of inflation are substantially lower than they were a year ago, and instead of further rate hikes, central banks are now contemplating rate cuts in the year ahead. All told, a globally diversified 60% equity (MSCI ACWI Index) / 40% bond (Bloomberg Global Aggregate) portfolio returned more than 15% for investors in 2023.

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