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Michael Wilson at Morgan Stanley with the outlook.
A wider range of potential outcomes:
Since the beginning of 2023, the consensus view on the macro backdrop has bounced between hard landing, soft landing, and no landing outcomes. Rotations under the surface of the market have reflected this frequently shifting view, with defensives, growth, and cyclicals all seeing periods of outperformance over this time horizon.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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