In 2022, most asset prices plunged together, leaving investors nowhere to hide, but in 2023, we have nearly the opposite. For example, the S&P 500 is up more than 7% year to date, while the tech-heavy Nasdaq Composite is up an impressive 20%. Meanwhile, the gold price is up by about $200 an ounce over the six months, and bond yields are ticking higher.
Nonetheless, fears of a recession are very real and increasing among Americans, with more than half saying in a recent survey that they would lose everything in the event of a recession. A recession has traditionally been defined as two consecutive quarters of declining gross domestic product (GDP), which occurred in 2022.
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