The 10 greatest surprises that changed the game for investors in the first half of 2023
If the events of the first half are any guide, 2023 could be well on its way to become one of the hardest years to predict in markets.
"The list of indicators said to be predicting a recession was a long one, including a falling stock market, historic lows in consumer sentiment, and the inversion in the yield curve," he wrote."Halfway through 2023, we're still waiting for the recession prophesies to be fulfilled." "Perhaps even more surprising was the collapse in volatility, with the VIX closing below 13, levels we haven't seen since early 2020," the economist added.The back-to-back failures of Silicon Valley Bank and Signature Bank in early March sent shockwaves across the financial world. Just days later, the 167 year-old Swiss banking giant Credit Suisse ended up being taken over by UBS.
Rate-cut"expectations have been pushed out into 2024."Higher for longer" seems to be the new mantra," according to Bilello."Fears of the inflationary spiral of 2021-22 continuing in 2023 have not materialized," he wrote.
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