Financial markets ended 2023 on a high note, with the prospect for a soft economic landing and a dovish monetary policy pivot sparking a profound rally across both stock and bond markets. Notably, the Federal Reserve provided its strongest signal yet that it has ended its tightening campaign and pointed towards a pivot towards easing in 2024. Moreover, data showing the Federal Reserve’s preferred inflation metrics barely rose in November endorsed the growing narrative that central bankers have successfully broken the back of inflation and will aggressively ease monetary policy this year. For 2023 as a whole, public markets churned out one of their best performances in 25 years, with a majority of the gains occurring in the last few months of the year after the market narrative shifted towards optimism about the likelihood of a soft landing.