10 Macroeconomic Themes for 2023 - Title Image

10 Macroeconomic Themes for 2023

10 charts illustrate the macroeconomic trends we believe are most likely to shape the investment environment in 2023.

January 27, 2023


Guggenheim Investments’ Macroeconomic and Investment Research Group identifies 10 macroeconomic trends likely to shape monetary policy and investment performance this year.

  1. Inflation Will Fall More than the Fed Expects
  2. The Unemployment Rate Will Rise from Historically Low Levels
  3. A Recession Will Start Around the Middle of 2023
  4. Strong Credit Fundamentals Will Limit Spread Widening
  5. Attractive Yields Will Drive Fixed-Income Returns
  6. High-Quality Fixed Income Will Outperform Equities
  7. Bonds Will Again Provide Diversification as Fed Wins the Inflation Battle
  8. Structural Housing Supply Shortage Will Limit Downside to Home Prices
  9. China Reopening Will Boost Energy Demand
  10. Divided Government and Narrow Majorities Will Spur Debt Limit Drama
Important Notices and Disclosures

Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

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This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC.


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Maria Giraldo, Investment Strategist for Guggenheim Investments, joins Asset TV’s Fixed Income Masterclass.

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