Through all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets and global economy or what’s happening in our local communities, the news we’re hearing on a daily basis has the potential to disrupt the balance of our lives. But with resilience, perspective, and the support of close connections, we can navigate through it all and regain our sense of equilibrium—even after another dizzying year, as 2022 proved to be.



After two years of disruption due to the COVID-19 pandemic, we were searching for some kind of return to normalcy, while at the same time, still experiencing the aftereffects of the pandemic. Some of those aftereffects included the imbalances created by the fiscal, monetary, and public health policy put in place to address the pandemic—and the process of addressing those imbalances has been disorienting at times. If 2022 was about recognizing imbalances that had built in the economy and starting to address them, we believe 2023 will be about setting ourselves up for what comes next as the economy and markets find their way back to steadier ground—even if

the adjustment period continues.

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Markets rarely give us clear skies, and there are always threats to watch for on the horizon, but the right preparation, context, and support can help us navigate anything that may lie ahead. So far, this year hasn’t seen a full-blown crisis like 2008–2009 or 2020, but the ride has been very bumpy. We may not be flying into a storm, but there’s been plenty of turbulence the first part of 2022. How businesses, households, and central banks steer through the rough air will set the tone for markets over the second half of 2022.

Turbulence cannot be avoided, but it also need not deter us from making progress toward our financial goals. LPL Research’s Midyear Outlook 2022: Navigating Turbulence is designed to help you assess conditions over the second half of the year, alert you to the challenges that may still lie ahead, and help you find the smoothest path for making continued progress toward your destination. When times are turbulent, the surest path toward progress remains sound financial advice from dedicated professionals who have logged many hours in similar conditions.

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LPL Research Outlook 2022: Passing the Baton is designed to help you navigate the risks and opportunities over the rest of 2021 and beyond. While the economy continues to move forward, we’re still feeling some aftershocks of COVID-19 and the Delta variant. At the same time, 2021 also saw a resurgence of activities we missed in 2020, and the S&P 500 Index continued to advance as corporate America faced these challenges with resiliency.

With the U.S. economy reopened, the growth rate may peak in second quarter 2021, but there is still plenty of momentum left to extend above-average growth into 2022. Inflation must be closely watched, but LPL Research believes recent price pressures are transitory, and that the strong economic recovery may continue to drive strong earnings growth and support further gains for stocks in the second half of 2021. The strong economic recovery and potentially higher inflation expectations may help push interest rates higher and lead to flat or potentially negative core bond returns in the second half.

We’ve had a hand up that has helped us through a period of unique economic challenges. In 2022, the economy may be ready for a handoff, back to a greater emphasis on the individual choices of households and business. How smoothly that handoff is executed may determine the course of the recovery. LPL Research’s Outlook 2022 is here to provide insight on the economy, stocks, and bonds and what may lie ahead for next year and beyond.

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