THE LIBRARY

The Fall 2022 Foresight discussed our expectations for volatility in financial markets (both up and down) to be a major theme going forward, as markets adjusted to the higher interest rate environment. A year later, we expect that theme to continue. Both the TSX Composite and US S&P 500 have had multiple swings of 5% or more through 2023, masking the fact that both markets are up year-to-date (TSX-4% and S&P 500-18%) - a reasonable-enough performance, given TSX earnings are