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    1. The Weekly Brief | Global Market Strategy & Insights

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    The Weekly Brief

    25-09-2023

    Thought of the week

    At the Federal Reserve’s September meeting, the “dot plot” of policymaker views indicated that US rates may stay higher over the medium term than previously thought. For investors used to a decade of low rates this might ring alarm bells. While the adjustment to higher rates can create short-term volatility in risk assets, history indicates that higher rates are not necessarily detrimental to long-term investors. Sustainably higher rates are a sign of robust economic growth, and in this scenario higher risk-free rates can help deliver stronger returns across the board. In the 1990s, where economic growth and cash rates were sustainably higher, investors enjoyed better performance in all asset classes than they did in the 2010s.

    Higher rates are not necessarily detrimental to long-term investors

    US asset class returns; % ann. total return

    JPMorgan_Insights_Weekly_Brief_EN
    Source: Bloomberg, J.P. Morgan, LSEG Datastream, S&P Global, J.P. Morgan Asset Management. Cash is J.P. Morgan 3-month cash index, Treasuries are Bloomberg US Government Aggregate index, IG credit is Bloomberg US Corporate Credit index, Equities are S&P 500. Data as of 22 September 2023.

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    This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own professional advisers, if any investment mentioned herein is believed to be suitable to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not a reliable indicator of current and future results.

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    This communication is issued in the UK by JPMorgan Asset Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England No. 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

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