Macro headwinds in 2022 should become tailwinds during 2023, with high recession risks complicating timing. Our year-end targets are 4300 on the S&P 500, below 3% yield for T-notes, -0.5% to 0.5% GDP growth, and 3.0% to 3.5% inflation. Allocation ideas include the return of the 60/40 portfolio, transition back to cyclical sectors, and physical over digital themes.
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