The US economy continues its steadfast march to the end of the year, with few signs of weakening consumer spending and a still strong labor market. The Federal Reserve is inclined to keep raising interest rates, albeit at a slower pace, as indicated by Federal Reserve Chairman Powell. Increasingly, economists and investors are focused on 2023 and speculation as to when the US economy finally slows down in response to interest rates that are likely to rise throughout the first quarter of 2023 and remain elevated over the course of the year. The “[moderation] in the pace of rate increases” cemented market expectations away from a 75bp hike, now only forecasting slightly above 50bps, with the terminal rate down from 5.01% to 4.92%. As we look towards 2023, we believe global growth will likely continue to slow into 2023 as more countries fall into recession, even if shallow, leaving central banks needing to balance tighter monetary policy against economic growth. We expect market volatility during a slowdown to continue. On the wealth planning front, we discuss the benefits of donor advised funds (DAF) and why it may be more attractive than a private foundation.