Markets, economy, stocks, growth, global, fixed income, international, asset classes
Is now the time for de-risking?
The COVID-19 outbreak has pushed the global economy into recession and equities likely have further to fall. We are overweight cash and duration and modestly underweight equity and credit. We expect to stay nimble in our relative value positions.
Interest Rate Policy
As the value factor is mired in one of its worst drawdowns in history, we analyze its underperformance and explain why we think it is cyclical, not structural.
Trade policy is of first-order importance in a more connected world, and markets have been reacting nervously to U.S. trade disputes.