Guide to the Markets 1Q 2023

J.P. Morgan Asset Management

Research

71 Pages

J.P. Morgan Asset Management surveys equity, fixed income, inflation and macro trends to frame positioning for 2023. Valuations reset toward long run norms while bond yields improved, and inflation shows early signs of easing with shifting components across goods and services. Equity history also reminds that deep intra year drawdowns often coexist with positive annual returns.

Key Takeaways

Valuations reset: S&P 500 forward P/E sits near its 25-year average, easing extreme multiples.
Inflation cooling: Higher bond yields improve portfolio carry without assuming big risks.Input costs and delivery times are easing while policy rates approach restrictive territory.
Income is back: Bond yields have repriced materially, restoring diversification and return potential for balanced portfolios.
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