For the most part, economic output amongst the world’s developed economies was positive in the first quarter, but concerns regarding a slowdown in 2023 remained. In its April 2023 World Economic Outlook, the International Monetary Fund revised its 2023 global growth forecasts downward, from 2.9% to 2.8%. Developed market central banks maintained their hawkish stance as inflation rates remained elevated. While headline inflation cooled in many instances, overall inflation continued to surpass central bank targets. Most developed equity indices posted positive returns in the second quarter as enthusiasm over AI stocks drove gains in the technology sector. Higher interest rates resulted in losses in some sectors of the bond markets. Meanwhile, in the commodities market, precious metals including gold and silver along with copper and oil were all negative as global economic uncertainty continued
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