A brilliant animation on the economics and opportunity of education reform

China’s strategy, Fed inflation targeting, emerging market contagion, end of new stimulus, and the Ukraine conflict were all on our radar last year, and some of them weighed on markets at times in 2023.

In the event of a non-resolution, market reactions could continue to exude extraordinary volatility with very rapid moves in short-term rates and sharp drawdowns in equities, commodities, and other risk assets.