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Principal Asset Management at the 2023 Milken Institute Global Conference

Our experts were featured as panelists alongside some of the world’s most respected and influential minds at this year’s Milken Global Conference. Check out their session replays and written recaps to get the latest on factors impacting the investment landscape and portfolios.

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Recent bank failures and market volatility

We’ve been closely monitoring the banking crisis and corresponding global market volatility. With new developments occurring daily, we’re committed to keeping you up to date on the very latest factors impacting markets and portfolios.

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Global Asset Allocation Viewpoints

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

1Q 2023

Half agony, half hope

Major central banks have now decelerated their tightening, but this isn’t a precursor to a less hawkish stance. The stubborn inflation story means that policy rates are rising further and will not be cut, even as recession takes hold. Against this backdrop, broad equities will likely remain challenged.

Global Asset Allocation Viewpoints

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


4Q 2023

The last mile

The inflation shock has dissipated significantly, mainly due to the renormalization of supply chains, but has also been helped along by higher policy rates. Inflation remains above central bank targets. However, as a deep economic downturn would likely be required to hit the bullseye, policymakers presumably believe the growth-inflation trade-off is not worth the extra mile of tightening. As such, policy rates are probably close to their peak.
That said, central bankers must remain alert to bubbling price pressures. As long as growth stays above trend, there will be a risk of inflation resurgence. So, while rate hikes are largely complete, rate cuts are not imminent. Policy loosening will only be initiated once economic growth has slowed—hopefully to just below trend, but likely into negative territory.

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