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Uncertainty on several fronts and a fast-changing world—economically, geopolitically, and otherwise—yields known knowns, known unknowns, and unknown unknowns for investors, to cite Donald Rumsfeld’s famous truism during the lead-up to the Iraq war.
The interrelated certainties are that rates are going higher, growth is slowing, and inflation is eating into consumer budgets and company margins. The magnitude of each of the known knowns is up for debate.