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      "text": "Short-term investor sentiment remains bearish for 2024 but bullish for 2025 and 2026, reflecting an uncertain macro environment and geopolitical landscape.",
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      "text": "Source: BCG Investor Perspectives Series, Q1 2024, January 16–18, 2024; n = 153. Note: For additional BCG perspectives on resilience, visit https://www.bcg.com/en-ca/capabilities/business-resilience. For BCG’s views on macroeconomic topics, visit https://www.bcg.com/en-ca/bcg-henderson-institute/center-for-macroeconomics. ¹The average across 25 investor pulse checks was calculated using the percentage of investors that were bullish for the current calendar year at the time of each survey.",
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      "text": "Short-term investor sentiment remains bearish for 2024 but bullish for 2025 and 2026, reflecting an uncertain macro environment and geopolitical landscape. In the January 2024 survey, 37% of investors are bullish for 2024—similar to the share in October 2023, when 38% of investors were bullish for 2024. For the next three years (through January 2027), 67% of investors are bullish, similar to the October 2023 result of 65% and the overall series average (62%)¹.",
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      "text": "The most important macroeconomic concerns remain the Federal Reserve’s policy on interest rates, geopolitical risks, and consumer price inflation. When asked to rank their top three macroeconomic concerns, 70% of investors (down from 77% in October 2023) highlighted interest rates and the Federal Reserve’s policy, followed by geopolitical risks (49%, down from 53% in October 2023), consumer price inflation (41%, down from 45%), and cost and wage inflation (36%, up from 29%). The latter two data points—and a more than doubling in concern regarding supply chain and operating risks from 5% to 12%—point to investors expecting potential pressure on margins and returns going forward, as well as a less bright profit picture than record-high market indices might imply",
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      "text": "Over the medium term, investors expect inflation to remain elevated, but their concerns about an impending US recession appear to have moderated. Investors expect the inflation rate to continue to modestly decline (to 3.4% at year-end 2024 and to 3.1% for 2025 and 2026), but 70% of investors (up from 55% in October 2023) expect it to be above the Federal Reserve’s 2% target beyond mid-2024, and 36% (up from 24% in October 2023) even expect the same after 2024. While recession fears have eased since the October 2023 survey, they remain significant: 28% of investors still expect a recession during the first half of 2024 and 52% by year-end 2024; in the October 2023 survey, 52% anticipated a recession before the end of Q2 2024 and 72% by year-end 2024",
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      "text": "Most investors (84%) identify the Federal Reserve’s interest rate policy enabling a soft economic landing as a top-three factor that is likely to drive equity market returns in 2024; the upcoming elections (in the US as well as globally) were also ranked as a top-three factor by 84% of investors",
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