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Global Asset Allocation Viewpoints

Our quarterly investment outlook highlights the themes and investment implications for the period ahead.

3Q 2023

Time is running out

There is currently minimal dispersion in the macroeconomic view amongst investors. A U.S. growth slowdown, an approaching end to Fed tightening, and disinflation are the three almost universally shared expectations connecting most views. Yet, the continued resilience of the labor market, stickiness of inflation, and gravity-defying gains of artificial intelligence (AI) related stocks have muddied the picture and injected significant uncertainty into the outlook. As a result, investors have limited conviction about near-term market trends and are waiting for clarity about where the economy, rates, and markets will go before taking active positions. Against an uncertain and confusing macro backdrop, investors would be best served by having a well-diversified broad toolkit among strategies, products, and industries.

Quick takes on capital markets

Short, timely takes on top-of-mind topics for investors.

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