February 2023 Middle Market Monitor

Economic indicators were mixed in January as the market continues to deal with high inflation, rising interest rates, the Russia-Ukraine war, and China’s economic reopening. The Consumer Price Index has continued to decelerate since its peak annual growth at 9.1% in June 2022. The Consumer Confidence Index decreased in January, while unemployment remained steady over the month. The public markets saw a bounce back, with the S&P 500 increasing 6.3% during January. Total middle market M&A activity, and cross-border transactions increased in January while leveraged buyouts decreased.