How Do You See Asset Classes in 2023?

If you look at, for instance, the performance of consumer staples or defensive sectors in the US equity market over the last few weeks, I've started to overperform cyclical so a bit more aggressively. The labor market is slowing down very similar to today, where it's still a positive job creation, but not the same basis it was six months ago or nine months ago. So we have to be aware, and we have to track a broad basket of coincident indicators, because any one indicator may be giving a different signal than the collective basket. It's the collective basket that makes the determination.

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