We expect slower momentum for the global business services sector into 2024, in step with weakening global GDP growth, persistently high inflation, sharply higher interest rates, and a tight labor market. Across subsectors, we expect mixed financial outcomes with facility maintenance and distribution services the most vulnerable. Software, information services, and human capital management sectors will be more resilient and insurance brokers will continue to benefit from tailwinds related to inflation and insurance pricing. Companies with significant revenues tied to mortgage-servicing activity may feel the strain of rising interest rates during the next 12-18 months.