Global Asset Allocation Views 3Q20
Our updated views reflect a moderately greater risk tolerance and a recognition that central banks are “all in.” We are neutral stocks vs. bonds, prefer U.S. equities, overweight investment grade credit and reduce duration to a small underweight.
Global Fixed Income Views 3Q20
After a historic quarter of global pandemic and breathtaking fiscal and monetary support, we believe GDP has bottomed. Above Trend Growth is our base case (80% probability). Our preferences include bank capital and high quality securitized credit.
Mid-Year Income Perspectives
The first six months of 2020 have witnessed unprecedented market volatility, with the global corona virus pandemic sparking one of the sharpest global downturns on record, before markets staged a significant recovery on the back of massive fiscal and monetary policy stimulus.