2023 Midyear Update - A Healthy Outlook Despite Negative Headlines

As we enter the second half of the year, we’ve had several shocks. Inflation is still too high, even as the Federal Reserve (Fed) has continued to raise interest rates in repeated attempts to combat rising prices. We just resolved the debt ceiling confrontation, which could have rattled the economy and the global financial system. The war in Ukraine grinds on, and the U.S. relationship with China remains a wild card. Even though we dodged the debt ceiling bullet, a recession is still widely expected. Looking at the headlines, you might expect the economy and markets to be in bad shape.