Capital Market Outlook 
Dec. 14, 2023 | Noon to 1:30 p.m. EST | USQS CE and JBEA CPE Available 

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First, COVID hit and the economy virtually shut down. The government responded with highly expansionary fiscal and monetary policy to reduce the impact of the resulting economic contraction. But the policy response caused inflation to jump as the economy recovered. 

The Federal Reserve responded with a reversal in policy, pushing up interest rates at a 
record pace starting in spring 2022. Now we see an inverted yield curve, an inflation rate only partially restrained, and an economy which may be on the verge of recession. 

How will this period of instability play out? Is inflation really under control? Is a recession truly on the horizon? If so, how bad might it be? Will rates stay this high going forward—will we ever see the low rates of 2012-2022 again? 

What about return expectations? 

This session presented an updated look at economic and capital market conditions, reviewed potential economic outcomes, and provided a summary of return outlooks from an array of published capital market models. Attendees heard an analysis of current conditions and insights into implications. 

SPEAKERS 

• Evan Inglis, MAAA, FSA, FCA, EA 
• Jerry Mingione, MAAA, FSA 
  Member, Pension Committee 
  Member, Social Security Committee 

MODERATOR 

• Maria Moliterno, MAAA, ASA, EA 
  Member, Pension Committee 

CONTINUING EDUCATION 

The American Academy of Actuaries believes in good faith that attendance at this live webinar constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, and that attendees may earn up to 1.8 CE credits for attending this live webinar. 

We also believe in good faith that Enrolled Actuaries (EAs) may earn up to 1.8 continuing professional education (CPE) non-core credits under the Joint Board for the Enrollment of Actuaries (JBEA) rules for attending this live webinar. However, the JBEA ultimately determines what constitutes core, non-core, ethics, or non-ethics continuing education and the number of CPE credit hours allocated to same for Enrolled Actuaries. All EAs who want to receive a Certificate of Attendance must be registered either as an individual attendee or listed as part of a group registration and must submit their request within two business days of the event. You are still required to attest to your actual attendance for the full webinar to receive full JBEA credit. 

Please note that the Joint Board for the Enrollment of Actuaries’ (JBEA) temporary waiver of the “physical presence” requirement ended on Dec. 31, 2022. Consequently, in order for attending EAs to receive Formal JBEA CPD credit for attending this program, the EA must simultaneously participate in the live program in the same physical location with at least two other participants engaged in substantive pension service. Groups of three or more participants who are in the same physical location may participate via the internet, video conferencing, or teleconferencing. 

QUESTIONS 

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