Q3 2023 Economic Commentary


A year ago, global growth was around zero with a negative outlook. Inflation was spiking higher month on month as central banks appeared impotent with their monetary policies and geo-political risks remained elevated.

Fast forward to today and the global economy, whilst still having some issues, has proven resilient. Stronger than expected economic growth data in America and slowing inflation have given central bank policymakers pause for thought during a period which still provides an opaque picture for the global economy. Consequently, global bond and equity markets have been weak as investors deliberate the probabilities of differing paths of interest rates based on growth and inflation expectations.