Friday, February 10, 2023 View enlarged chart U.S. and International Equities Markets Lower The major market averages finished lower, as the only sector to finish positive was energy. Energy performed well as oil prices rebounded on Russian production cuts.

Consensus still has a recession in the next year more likely than not, although we believe it would probably be relatively shallow if it occurred and the possibility of a soft landing is increasing. We view most of the recession risk to be concentrated in the first half of the year followed by a potential rebound in the second half.