The Year in Review

A growing belief that central banks have not only concluded their tightening cycles but could even initiate easing cycles within the next six months has continued to fuel a rally in and bond and equity markets over the past few days. In our charts this week, however, we steer away from the daily macro and market news cycle and highlight six charts instead that give some colour on some of the key macroeconomic trends that have unfolded in 2023. These trends include:

·         The outperformance of the US economy

·         Disinflation in advanced economies

·         The importance of energy prices

·         Still-tight labour markets

·         Growing stress in China’s property market

·         Global temperature anomalies