2023 Mid-Year Outlook

Capital Group - Highlights
- Patience could reward investors in high-yield bonds.
- Now may be the time to move out of cash.
- New growth opportunities emerge.
- A declining dollar may boost international stocks.
- Recession is likely, but the recovery could be stronger than expected.

T. Rowe Price - Highlights
- High on High Yield.
- Take Advantage of Attractive Yields
- Equity Valuations Appear More Attractive Outside the U.S.
- U.S. small‑caps offer attractive valuations.

JP Morgan - Highlights
- You may hold too much cash and not enough bonds.
- A brightening picture. Rebuild your equity portfolio now for the next bull market.
- You probably stay too close to home with your
investments. Europe... trading at a discount. - Know the risks— and opportunities— in... real estate.