Q3, 2023
Key Highlights
Contraction in manufacturing but still expansion in services.
Inflation peak has been reached, but central bank’s goals will only be reached in 2024.
Recession will start probably only in 2024.
Earnings still resilient, should come down once recession begins.
US stocks not cheap versus bonds and other developed indexes, risk premiums at multi-year low.
US dollar still not cheap on a PPP basis.
