Wealth management
November 27, 2023
Lower inflation around the globe should allow central banks to cut rates, while U.S. equities may reach a record level of 5000 on the S&P by year’s end. Image: Bank of America
By Luxury Roundtable Intelligence
Few consumers have experienced the current macro uncertainty in their lifetime, and investors have underappreciated and underpriced its impact. Indeed, the recession that many expected in 2023 never arrived.
{"ct":"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","iv":"7fc71095b4b6f102c56c65bbf188673f","s":"640e3f9f66ce3189"}
Share your thoughts. Click here