| This has been a dizzying year for businesses, and the fourth quarter has only been an even wilder ride. In November, we watched Elon Musk take over Twitter. A $32 billion crypto exchange, FTX, crumbled in 48 hours after being exposed as a de facto Ponzi scheme. And tech companies have laid off tens of thousands of employees in the hopes to trim fat and ride out an economic downturn.
With all this chaos swirling, perhaps the only certain thing is that 2023 will be even more uncertain. With inflation still punishingly strong, and a U.S. recession looking increasingly likely, the biggest challenge business leaders face is how to steer a course between those two dangerous rocks—and come out stronger on the other side.
CEOs can’t fight rising prices without help from policymakers. Our top story this week explores how U.S. Federal Reserve Chairman Jerome Powell is struggling to rein in the highest inflation seen since the 1980s. As author Christopher Leonard notes, Powell has two choices: “He can tolerate high inflation, and risk that it gathers strength and begins to rage out of control. Or he can tighten the money supply, and risk recession and possibly a financial crisis.”
Both those options are ugly, which is why smart CEOs are focusing on how to protect their companies. Fortunately, seasoned leaders have coped with recessions and inflation before—not to mention the unprecedented dilemmas that came with COVID. Shawn Tully spoke with and studied the work of five battle-tested Fortune 500 CEOs, compiling their top five strategies for steering their businesses in volatile times, including raising prices, taking care of your best people, and seizing opportunities that arise when your competitors stumble.
The takeaway: Leaders who act decisively in stormy times can reap big rewards when the waters finally get calmer.
You can read these stories and more below. |
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