Jim Cramer recently discussed Morgan Stanley's Year of the Yield report, which addressed what to do in a world with less growth and lower inflation.
On CNBC's Mad Money, Cramer said that central banks could potentially pause their rate hikes and even reverse some of them if the global economy goes into a downturn. There is a possibility that there will be a major push for purchasers of two-year treasury yields, which have a yield of 4.4%.
Cramer says that the hunt for the yield could come to fruition once central banks beat inflation next year. Own an oil stock for 2023 — one that returns capital religiously to shareholders instead of pumping more crude with it.
Here are Cramer's three energy picks:
Next: Cramer says this stock has too much political risk.