Outlook on the United States in 2023


January 09, 2023


Lazard's Outlook series provides a forward-looking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of Lazard Asset Management. In this edition, LAM portfolio managers share their outlook for the United States in 2023.


  • A mild recession remains our base case for the US economy this coming year, but the possibility of a soft landing may be rising.

  • The war in Ukraine and the consequences of China’s scrapped zero-COVID policy remain major sources of uncertainty in the global economy and markets.

  • Our equity team believes investors should focus their attention on quality stocks—companies with high returns on capital that can be sustained over the long term—as they tend to be most capable of defending in down markets.

  • Our debt team maintains that investors should focus on mitigating long-term liquidity risks by focusing on securities and obligors with the same key attributes that institutional investors have historically valued in times of volatility and mark-to-market disruptions.

Click here to read our Outlook on the United States in 2023.

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