The first half of 2023 started off better than we and most investors thought. The baseline expectation was that by mid-year the U.S. economy would tip into a recession. Conversely, China’s economy would be experiencing a strong rebound as COVID related restrictions were relaxed. Neither of these played out as expected. The U.S. economy continues to grow at a steady pace with unemployment hitting a 50-year low and the rate of inflation is dropping to 3%. Stocks have reacted in a positive way to this surprising economic data as the S&P 500 gained 17% in the first half of 2023.
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