Less than a week ago, the cyclical playbook for executives looked comparatively straightforward. To prevent inflation from becoming entrenched, the Fed would continue to hike rates and leave them higher for longer.
Somewhat surprisingly, the resilient U.S. economy absorbed that headwind and stood a good chance of squeaking by in 2023 without a recession. The first stage of a mythical soft landing was playing out, though not without challenges for firms.
