Q4 2022 Outlook: Not out of the woods yet

Investors seeking to put this bear market behind them aren’t out of the woods yet. Hopes that inflation might peak quickly, that the U.S. Federal Reserve would pivot, and that the global economy could emerge unscathed — all have diminished. We are cognizant of the risks ahead: softer earnings, weaker employment picture and demand destruction that undermines the ability for the consumer to continue to be the hero.