Global outlook Q4 2022 update

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      <subfield code="a">The Great Moderation is over -- Higher volatility means dealing with a sharper trade off -- Production constraints are at the root of higher inflation -- A deep recession is needed to pull inflation down to targets -- Fed on its fastest rate hiking cycle since the early 1980s -- Central banks are hiking into recession -- Contracting activity and energy shocks signal recessions -- UK at epicentre of worsening trade off -- China won't come to the rescue this time -- Inflation in developed economies is high and persistent -- Q4 2022 investment themes back to a volatile future -- Snapshot of our views  October 2022 -- Equities still not fully pricing in a worsening macro outlook -- U.S. dollar strength a major factor in 2022 asset returns -- High cash, shareholder returns a relative plus for Japan Inc. -- We like credit over equity on yields and recession resilience -- Signposts to change our views -- Our strategic positioning reflects the new regime -- The transition to a decarbonized economy is accelerating -- Tactical granular views</subfield>
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