After embarking on 2023 with modest to low expectations, the year ended better—from an economic standpoint—than most anticipated. With challenges ranging from escalating interest rates and lingering inflation to numerous bank failures, geopolitical concerns, and looming fears of a recession, 2023 carried its share of uncertainty and adversity. The continued conflict in Russia/Ukraine, combined with the more recent devastating attacks on Israel and subsequent tensions in the area, further exacerbated volatility and uncertainty. The economy ultimately proved an ability to withstand such hurdles, however, leading to an emerging confidence in 2024’s capacity to do the same. While risks remain, and election years only add to the inevitable turbulence, “cooler inflation, rising wages and the prospect of falling interest rates will help to keep the economy on track.” (Northern Trust). As fears of a recession continue to dissipate, the path to a soft
landing appears promising.
