A soft landing for the economy is looking unlikely, and now is the time to prepare your portfolio for a rocky 2024, according to Maria Giraldo of Guggenheim Investments. Contrary to the soft landing — and interest rate cuts — expected by many investors, Guggenheim sees a moderate recession looming in the new year. Instead, Guggenheim predicts both an economic downturn and lower interest rates in 2024. "We're seeing the impact of higher interest rates and higher funding costs on banks." She noted that investment-grade corporate bonds are yielding 5.5% to 6%.

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Persons: Maria Giraldo, Guggenheim, Giraldo, Schwab Organizations: Guggenheim Investments, SEC