Mackenzie Mid Way report 2023

Making sense in the land of confusion

Two quarters into the year and one thing is clear: Goldilocks is still nowhere to be seen. In our Outlook for 2023, we stressed that we weren’t holding our breath for a return to the tepid macro environment of the last decade — one characterised by low inflation, a healthy labour market and moderate growth. We predicted that inflation would be sticky, and interest rates would stay high for a while. Fast forward six months later and neither type of landing — soft or hard — has arrived.