From March 2022 to July of this year, the Fed raised rates by 500 basis points. But the economy has done well this year, with GDP growth of 2.0%, 2.1% and 5.2% in the first three quarters. Does that mean the lagged impacts of the Fed's aggressive monetary tightening cycle will be fully felt in the year ahead? Is a second wave of inflation remains a major risk? The answers to those questions have implications for equities as the economic environment is likely to be volatile.
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Here are links for more information about Jeff and ClearBridge:

• The Fed is Done, What’s Next? (blog) - https://www.clearbridge.com/blogs/2023/aor-update-the-fed-is-done-whats-next 
• Not Always a Straight Line Down (blog) - https://www.clearbridge.com/blogs/2023/aor-update-not-always-a-straight-line-down 
• Economic Outlook 2024: The Year of Lagged Effects (podcast) - https://www.clearbridge.com/perspectives/podcasts/2023/economic-outlook-2024-the-year-of-lagged-effects