Wealth management
November 27, 2023
Lower inflation around the globe should allow central banks to cut rates, while U.S. equities may reach a record level of 5000 on the S&P by year’s end. Image: Bank of America
By Luxury Marketer Intelligence
Few consumers have experienced the current macro uncertainty in their lifetime, and investors have underappreciated and underpriced its impact. Indeed, the recession that many expected in 2023 never arrived.
{"ct":"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","iv":"d4b184b7f87d4d50d371deb6de8549d8","s":"0a2df88ebd70ea4c"}
Share your thoughts. Click here