4.4 North America: The hunt for quality and yield We enter 2023 positioned for end-of-cycle CHARLIE REINHARD conditions. But we expect to pivot in the Head of Investment Strategy, North America second half of the year toward falling interest rates’ potential beneficiaries. LORRAINE SCHMITT Equity Strategy, North America ƒ We expect 0.7% full-year average real GDP growth BRUCE HARRIS in the US and 0.9% in Canada in 2023 Head of Global Fixed Income Strategy ƒ In equities, we favor dividend growers, plus the consumer staples and healthcare sectors ƒ North American fixed income offers some of the world’s most attractive yields ƒ We look for the US dollar to peak and then weaken in 2023 Citi Global Wealth reGioNAL ASSeT CLASS PreviewS | | 98 Investments