Contributors Darrell L. Cronk, CFA President, Wells Fargo Investment Institute Chief Investment Officer, Wealth & Investment Management Global Investment Strategy Luis Alvarado Chao Ma, PhD, CFA, FRM Mark Steffen, CFA, CAIA Investment Strategy Analyst Global Portfolio and Investment Strategist Global Alternative Investment Strategist Mary Anderson Mason Mendez Jennifer Timmerman Investment Strategy Analyst Investment Strategy Analyst Investment Strategy Analyst Paul Christopher, CFA Austin Pickle, CFA Peter Wilson Head of Global Investment Strategy Investment Strategy Analyst Global Fixed Income Strategist Chris Haverland, CFA Brian Rehling, CFA Scott Wren Global Equity Strategist Head of Global Fixed Income Strategy Senior Global Market Strategist John Laforge Sameer Samana, CFA Head of Real Asset Strategy Senior Global Market Strategist Mark Litzerman, CFA Gary Schlossberg Head of Global Portfolio Management Global Strategist Global Asset Allocation Strategy Douglas Beath Tracie McMillion, CFA Michelle Wan, CFA Global Investment Strategist Head of Global Asset Allocation Strategy Investment Strategy Analyst Jeremy Folsom Michael Taylor, CFA Veronica Willis Wealth and Investment Management Investment Strategy Analyst Investment Strategy Analyst Program Analyst Wells Fargo Advisors Global Securities Research Dorian Jamison Lawrence Pfeffer, CFA Municipal Analyst Equity Sector Analyst, Industrials/Materials Eric M. Jasso, CFA Michael White Taxable Fixed Income Analyst Taxable Fixed Income Analyst 24 | 2023 Outlook Please see pages 25–27 for important definitions and risk considerations.