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1Q 2023 M&A Report: Inflation, rising interest rates and global economic uncertainty are the main themes for 2023 so far. Yet M&A deal activity in the middle market remains fairly steady as investors have plenty of capital to invest and continue to concentrate on quality assets. After a relatively weak start to the year, we would not be surprised to see a nice rebound in the second half as the market adjusts to this new higher-rate environment and the possibility of a decline in inflation, which might lead the Federal Reserve to ease off the monetary brake pedal and avoid a recession.