Capital Markets Summer 2022: Revealing Recession Patterns

III

Mounting Headwinds Economic Crosscurrents

I

Tailwinds

• Strong labor market

II

• Healthy corporate and consumer balance sheets

• Recovery in depressed economic areas

• Supply chain pressures easing

III

IV

Headwinds

• Tightening monetary policy

• High Inflation

V

• Geopolitical conflict

• Less accommodative fiscal policy

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