slowing growth, international conflict and an intensified Foreword US-China tech rivalry. For the first time in decades, equities and fixed income suffered significant falls simultaneously, alongside alternative asset classes. While 2023 will still have its share of challenges, we also see it as a year of change and opportunity. In the US, we expect a mild recession, with regions such as the eurozone being more heavily impacted. As inflation subsides, we see the US Federal Reserve pivoting from interest rate hikes to cuts and markets shifting focus to 2024 recovery, unlocking more potential opportunities for investors. As the markets continue to swing, timely guidance has become even more valuable. Our insights help us engage in deeper client conversations and create strategies that achieve your investment objectives. The value of keeping JIM O’DONNELL portfolios fully invested remains increasingly important – CEO of Citi Global Wealth market timing can come at a great cost, as turning points Welcome to Outlook 2023, our annual publication that often arrive with little warning. sets out our expectations and key investment themes For your convenience, we have also created helpful for the coming year and beyond. This edition, “Roadmap summaries, including Findings & Opportunities and a new to recovery: Portfolios to anticipate opportunities,” version of this publication in just two sides. highlights steps that we believe you should consider to help seek returns. We look forward to continued partnership and success in the new year. Investing over the past year has come with its challenges and uncertainties due to inflation, monetary tightening, Citi Global Wealth | 4 Investments