As we welcome the new year, it is worth reflecting on a year that saw financial markets undergo multiple phases of schizophrenic behavior. The year 2023 began with the safest assumption that the Chinese economy would blast out from its zero-covid restrictions. The second slam dunk projection was the U.S. economy finally hitting recession, with many anticipating it to strike around midyear. As we all know by now, the opposite of both scenarios happened, taking equity investors on a rollercoaster ride. For fixed-income investors, inflation swung from complacency to panic several times before concluding with a dovish consensus. The year 2023 could be aptly called the year of the 'Twilight Zone,' where investors found it almost impossible to pinpoint the phase between inflation and disinflation.