4Q22 Market Review and 1Q23 Outlook
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Equity markets finished out a challenging year, with major indices closing at or near their year lows. Uncertainty and volatility were enduring constants throughout 2022. An evolving economic slowdown, around the world and across industries, saw a broad swath of companies that had benefited most from the pandemic commence headcount reductions and take operational steps to mitigate expected weakness. Commodity prices continued their retreat, despite the lingering impact of the Ukrainian war. China took steps to ease its stifling “COVID Zero” policy, resulting in a wave of infections, hospitalizations, and further economic dislocation as the year ended.
