Cetera Investment Management has released its 2023 Mid-Year Outlook titled, “Climbing a Wall of Worry.” In this outlook, they discuss the S&P 500 climbing out of the bear market and into a new bull market. While much of the rally was driven by megacap growth stocks, there is reasons to be optimistic about the economy. The question will be if a rising tide will lift all boats, or those high-flying stocks will eventually sink. Our base case is that more cracks will emerge in the economy from high interest rates, which may lead to market volatility rising again. They outline why in the mid-year outlook.