A one-page snapshot of market performance, statistics and trends.
Don’t fight the Feds. For the near term, aggregate central bank balance sheet expansion remains a tailwind. With real rates compressed and asset classes fully priced, we seek relative value: U.S. high yield, European bank capital & EM local currency debt.
Asset allocation for a world of continued global growth - Amid a synchronized pick-up in global growth and loose financial conditions, we maintain a pro-risk tilt in our asset allocation. Rates are set to rise, but only slowly, so we maintain a small underweight to duration together with a modest overweight to stocks, diversified across regions. We remain neutral on credit.
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