IIS Financial Services has released its 2023 Fourth Quarter Outlook titled, “Bears Peek from Dens as Economy Brightens.” In this outlook, we discuss that while some key economic indicators are relatively weak, the economy is stable, and the outlook is improving. This has many economists starting to think a recession could be avoided near-term. While this is good news, risks remain on the horizon. Oil prices could eventually push up core inflation and bond and stock markets seem to be pricing in a Fed interest rate pause already. While we haven’t seen much volatility this year, volatility could return anytime.