As we enter the second half of 2023, we remain cautious on the U.S. economic outlook. Most of the key leading indicators we follow—including manufacturing activity, jobless claims, the yield curve and consumer sentiment—are still pointing toward slower economic growth this year, supporting our current defensive positioning. However, we acknowledge that the economy has been surprisingly resilient this year, and if or when it will enter a recession remains uncertain. This is why we have been considering reasons to be bearish and bullish about the U.S. economy in 2023—and the potential implications for listed real assets. Read more in the full Real Assets Quarterly.