Markets settle down and pension schemes end the year up

Markets settle down and pension schemes end the year up

10 Jan 2023

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Quarter in Brief

• Major central banks increased interest rates further in December to fight above target inflation, although early signs inflation may have peaked
• Sterling appreciates versus the US dollar over the quarter detracting from Sterling returns on overseas investments and dampening positive equity returns
• Credit spreads tighten despite expected increase in defaults
• Lagged private market asset performance expected to decline to end of the year

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