Weekly Commentary: Three 2023 lessons we carry into 2024

We think 2023 stressed the value of adapting to a new volatile macro regime, and leveraging investment insight and structural forces to find opportunities. U.S. stocks surged in 2023, a reversal from their 2022 underperformance. Flip- flopping market views about the policy path stoked volatility in long-term bonds. December U.S. jobs data out this week should signal how much more the labor market needs to normalize. Slower jobs growth is a long-term supply constraint.