2023 started with optimism for private markets. The eurozone allayed fears and grew slightly in 4Q22, while the US economy maintained a good pace of expansion. Warm weather curbed energy use in Europe and natural gas tanks remained close to full. Optimism also flowed in China following the government’s rapid ditching of its zero-COVID-19 policy. In addition, inflation has fallen globally and looks to have peaked, but remains far above the central banks’ 2% target. A stronger than expected economy and labor markets which remain tight may mean central banks have to hold interest rates at high levels for longer.
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