There was a downbeat but determined mood at both the IMF and IIF annual meetings in Washington, DC this past week. This was framed by the IMF’s sharp downward revisions to growth forecasts in their October World Economic Outlook report and ongoing geopolitical tensions around the Russia-Ukraine conflict. The vast majority of delegates at both venues seemed resigned that a global slowdown in the near term is unavoidable and that it is a fallacy to think current high inflation is coming down without some pain in the short term. A shallow global recession seems to be the best outcome at this juncture, but we should also prepare for a harder landing. Energy security and supply – particularly for Europe – figured into the discussions as well. While the meetings had their share of gloominess, there was also an important focus on future opportunities including for the longer-term challenge of energy transition.