History suggests the lagged economic effects of tighter central bank policy are arriving on schedule, but any eventual normalizing or even easing of policy will still likely require inflation to decline further.

After enduring one of the worst years on record across asset classes, investors should find more cause for optimism in 2023, even as the global economy faces challenges.

This is a critical time for investors and policymakers alike.

Over the past few months, economic recoveries have been uneven across regions and sectors.