To minimize the impact of a hard landing, central banks in major economies continued to deliver jumbo-sized interest rate cuts near the tail-end of the year. Following several months of stalling progress, with interest rates remaining historically high, policymakers managed to jump to action and begin shifting gears on their fiscal monetary decisions. 

The slower-than-anticipated reaction had seen investors seeking shelter with defensive, more cyclical, and recession-proof options that would provide them with near-term security. Attempting to navigate conditions has proven harder than expected, and reliance on traditional instruments has delivered below-average returns.