The Immaculate Slowdown

November 2023 Market Commentary Summary

Higher rates are helping to slow down inflation at a pace the Fed is comfortable with such that further rate hikes may not be warranted. Both global equities and fixed income rallied over prospects that we may be approaching an end to central bank tightening with easing expected in 2024.

As we head into 2024 with consumer spending still quite strong, even with signs of a post-COVID slowdown, the economic environment appears to be shifting towards an Immaculate Slowdown, a corollary that sees a meaningful deceleration of economic activity (spending, investing, inventories) without resulting in a recession. 


Benjamin M. Lavine, CFA, CAIA, RICP
Chief Investment Officer (3D)
Freedom Investment Management


To learn more, download our November 2023 Market Commentary Summary.

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