U.S. Economics

Inflation Starting to Fall, Employment Still Strong


Global Economy

World Growth Expected to Slow Further

The Organisation for Economic Co-operation and Development (OECD) updated its Economic Outlook, noting that the global economy is facing mounting challenges. Global real GDP growth is forecast to slow from 5.9% in 2021 to 3.1% in 2022 and 2.2% in 2023. Annual inflation for the G-20 is forecast to fall from 8.1% in 2022 to 6.0% in 2023 and 5.4% by 2024.

Organization for Economic Co-operation and Development (OECD) GDP for 2022 (November 2022): Americas: Asia: Emerging Markets: Europe: Euro-zone:         +3.3% Latin America:   TOTAL World:   +3.1%

Commodities

The 34th OPEC and non-OPEC Ministerial Meeting was held on December 4

The 34th OPEC and non-OPEC ministerial Meeting took place by videoconference on Sunday, 4 December 2022. In line with the decision of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation at the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022, which was purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets; and adhering to the approach of being proactive and pre-emptive, the Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary. No changes were made.

Central Banks

Fed on Track to Raise Rates Again

The final FOMC meeting of 2022 is scheduled for December 14. The release will include an update to the Summary of Economic Projections (SEP). Highlights of the November FOMC Meeting Minutes include: Highlights of the Beige Book include:

Financial Markets

Monthly and YTD returns

               

Definitions, sources, and disclaimers

Definitions:

Gross Domestic Product (GDP): A comprehensive measure of U.S. economic activity. GDP is the value of the goods and services produced in the United States. The growth rate of GDP is the most popular indicator of the nation's overall economic health. Source: Bureau of Economic Analysis (BEA).

Sources: U.S. Bureau of Economic Analysis (BEA), Bureau of Labor Statistics (BLS), U.S. Department of Labor (DOL), Federal Reserve, Federal Reserve Economic Database (FRED), Federal Reserve Bank of Atlanta, U.S. Census Bureau, Department of Housing and Human Development (HUD), U.S. Department of Agriculture, U.S. Energy Information Administration (EIA), U..S Department of the Treasury, Office of the United States Trade Representative (USTR), U.S. Department of Commerce, data.gov, investor.gov, usa.gov, congress.gov, whitehouse.gov, U.S. Securities and Exchange Commission (SEC), Morningstar, The International Monetary Funds (IMF), The World Bank (WB), European Central bank (ECB), Bank of Japan (BOJ), European Parliament, Eurostats, Organization for Economic Co-operation and Development (OECD), National Bureau of Statistics of the People's Republic of China, Organization of the Petroleum Exporting Countries (OPEC), World health organization (WHO).

Financial Markets - Monthly and YTD returns (Table): Asset class performance is in USD and refers to the following indices: Equities: US Large Caps (S&P 500), Emerging Markets (MSCI EM), Europe (MSCI Europe), Japan (MSCI Japan). Fixed Income: 10-Yr. US Treasuries (BofAML US Treasury Current 10-Yr.), Emerging Markets Sovereign (USD) (JPM EMBI Global), US High Yield (BofAML US HY Master II), US Investment Grade (BarCap US Aggregate Bond), and Developed Markets Sovereign (excl. US) (JPM GBI Global Ex US). Source: Morningstar.

Important Disclosures:

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