To say that everyone was expecting a recession going into 2023 is an understatement.
This headline is from October. Poetically, and something few people were predicting at the time, the S&P 500 had bottomed five days before this ran.
So, how did everyone get 2023 so wrong? Michael Cembalest hit on this in his 2024 outlook.
Monetary policy is tighter but below the level of real rates that led to prior recessions; corp…
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