CIO sees 'further pain' for stocks in 2023

STORY: Signs of easing inflation that some investors believe may push the Federal Reserve to end its rate increases sooner than projected have contributed to a recent stock market rally this year, after the S&P 500 fell more than 19% in 2022.

But Rathbun said that while investor sentiment has improved, "nothing fundamental has changed," noting that U.S. inflation remains stubbornly high.