The 3D Report: Q4 2022 recap—We won’t get fooled again

Ryan Caldwell and Lara Rhame reflect on the events of 2022, and how they’ll continue to impact the financial markets in the new year.

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February 7, 2023 | 44 minute read

About this episode

In the latest episode of the 3D Report, FS Chiron Funds CIO Ryan Caldwell is joined by Chief U.S. Economist Lara Rhame to reflect on the events from 2022, which will likely continue to shape the global financial markets in the new year.

Transcript excerpt:

Ryan Caldwell (00:01):
This is the 3D report, a podcast from FS Investments and Chiron. I’m your host, Ryan Caldwell. I mean, this is amazing. I’m in studio with the infamous Lara Rhame. Like, we’re actually in the same spot.

Lara Rhame (00:32):
It’s going to be even better. Yeah. Our podcasts are already great.

Ryan Caldwell (00:36):
How can you not do anything but get more animated? So, it’s going be great. Happy New Year, by the way. I haven’t even said Happy New Year.

Lara Rhame (00:53):
And we can say goodbye to 2022.

Ryan Caldwell (00:55):
Yes, which is good. That’s probably where we ought to start. Yeah. Actually like saying goodbye to 2022. I mean, I do actually think like that’s a reasonable jump-off point, right? Like, one of the things that I know our listeners have been hearing us banter about and like when we peel off and talk about business cycles is how bizarre this one was, is. I shouldn’t say was, we’re still dealing with it, and Lara, like we’ve talked about this a little bit. Like the compression of this whole thing is maddening.

Lara Rhame (01:25):
Yeah. It’s going so fast. Policy’s going so fast. Inflation obviously, the number one topic was just, just ramped up so quickly from everywhere. And now obviously it seems like it’s just plummeting as fast as it rose, which is, I know something we’re gonna talk about. But from a business cycle point of view, you know, the housing market, you know, you’ve just had these core parts of the economy, the ramping up of hiring, and now the ramping down. All of these things just moved at lightning speed. I can’t remember a business cycle where we achieved employment prior, you know, back to the pre-prior cycle low in, you know, record time. Yeah. In less than a year, which is an extraordinary. So, it’s just everything has just been on fast forward. It’s really extraordinary.

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Lara Rhame

Chief U.S. Economist + Managing Director

Ryan Caldwell

Managing Director, FS Investments

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