INSIGHTS

Long-dated U.S. Treasury yields are in the spotlight following recent Treasury intervention. In our view, the recent rise in yields reflects underlying supply and demand dynamics, rather than concerns about U.S. solvency. Meanwhile, recent market repricing may create opportunities for active investors, especially at the front end of the curve.

Large-cap growth has been difficult to ignore, delivering strong performance over the last few years. But the equity quilt below reminds us that no segment stays on top indefinitely. History shows that periods of narrow market leadership are often followed by broader participation. What leads one year can quickly give way to another the next year.

Why we believe an active, flexible approach to fixed income may provide attractive income and improve resilience in portfolios.

Leadership doesn't stand still. Yesterday’s winners may feel like tomorrow’s leaders, but this quilt shows how quickly top performers can fall from favor. As seen here, commodities went from one of the top-performing asset classes in 2022 to one of the weakest performers in 2023. This rotation is hard to predict, and uncertainty is inherent to investing.

Checkpoints is a comprehensive monthly chartbook highlighting major top-of-mind themes that could shape financial markets in the near term. In addition to the broader macroeconomic discussion, Checkpoints delivers detailed views on major asset classes, including global equities, fixed income and real assets.

The U.S.’ extraction of President Maduro from Caracas on January 4 could alter the trajectory of geopolitics in the Americas.

Value equities have historically shown resiliency during higher inflationary periods versus their growth counterparts.

BNY's commitment to insight and perspectives comes to life through our investment and market leaders who gather quarterly to debate the key issues shaping markets today.