Markets consider the fight against inflation as almost won, but we remain less optimistic in this new era of "higher for longer" rates, reminding ourselves that inflation remains a very volatile economic variable that proceeds in waves, and in the past has required much higher real rates than we have today in the United States.  

On the equity side, we believe that equity risk should be monitored and managed with caution in the coming months because 2024 could be a year of economic weakness….

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