SINGAPORE - After a bumpy ride in 2022, where geopolitical tensions, inflation and rising interest rates saw some US$18 trillion (S$24 trillion) of value wiped out of the stock market, 2023 will be marked by an economic recession, earnings downgrades and a choppy re-opening in China.
While most of the biggest US rate hikes have already been made in 2022, there will be at least two more increases in the first half of 2023, raising the Fed funds terminal rate to around 5.1 per cent.
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