From Dow Jones & Company:

In 2023, economists were surprised as the fastest rate hikes in 40 years did not cause a recession as predicted. There is still deep disagreement on why this is the case and the direction of portfolios depends on the answer. In 2022, predictions of recession were also the norm, but the nascent stock rally continued, defying expectations. The predictions did not account for the effects of the pandemic on supply and demand, which played a significant role in the outcome. Ultimately, the economy did not face the anticipated downturn, challenging previous economic models and expectations.



Read more: How I, and Everyone Else, Got 2023 So Wrong