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":"5a5ff25b6e6c5e97afae329bd8306bf9","s":"d6ee27fab7eb4ca9"}
Share your thoughts. Click here