Jun 30 2019
Global Liquidity Market & Portfolio Commentary
Q2 In Review
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- Markets rallied over the second quarter despite a mid-quarter flight to quality when the Trump Administration abruptly escalated trade tensions; risk assets rebounded when tensions eased.
- Labor markets and consumer confidence remain strong but leading indicators including business confidence and fixed investment have weakened, signaling risk.
- The Federal Reserve (Fed) left rates unchanged at its June meeting but, noting multiple threats to growth, said it might act to forestall a downturn. We expect the Fed to cut rates two or three times this year, starting in July.
- We favor high-quality credit. We extended duration in Liquidity and Managed Reserves and stayed neutral to benchmark duration in Short Duration.
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