QUARTERLY
INVESTMENT OUTLOOK
Intelligence for Your Portfolios
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Top picks
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Macroeconomic
A sharp repricing has pushed 10-year U.S. Treasury yields to around 5.30% following the Federal Reserve's (Fed) 25 basis point (bp) hike in September, with real yields doing the heavy lifting.
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Fixed Income
For investors’ next marginal fixed income allocation, we believe high yield bonds could be worth considering against private credit in the current environment.
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Macroeconomic
Sticky inflation and resilient growth have revived monetary tightening, increasing the risk of higher-for-longer rates and near-term volatility. We continue to believe economic resilience and strong corporate profits should continue to provide a favorable backdrop for stocks, and would use periods of market weakness to add selectively to equities. Additionally, owning real assets can help hedge against inflation.
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Equities
Value equities have historically shown resiliency during higher inflationary periods versus their growth counterparts. With inflation remaining elevated, we believe that value opportunities continue to be a compelling option for portfolio diversification and potential stability.