The baseline scenario is that growth remains solid as rising wages put a floor under the economy, notes Joe Brusuelas. He evaluates the Fed’s 2023 rate decisions. He talks about the potential for a soft landing. His upside scenario is that the economy proves more resilient, with growth approaching 2.5%. His downside scenario is that after the Fed hiking cycle, spending slows, and a contraction takes place. He discusses how the primary risk is the chilling effect of rising rates across the spectrum of businesses and consumers. He highlights that geopolitical tensions pose a threat to global energy markets and oil prices. He then goes over the outlook for future Fed cuts in 2024. Tune in to find out more about the stock market today.