A crisis for a few banks is not a banking crisis.

The presence of “tight money” points to a U.S. economic downturn drawing ever nearer, as are the challenges for equity investors.

The developed world faces a long stretch of slow growth. We look at the reasons for the downshift, and how it could impact equity investing.

One big thing—the arrival of a U.S. recession in 2023—should shape the investment landscape over the next 12–18 months. What does that mean for investors?