This year’s corporate bond sell off has hit high-yield more than investment grade, and high-yield spreads have turned relatively more attractive as a result.
MacroQuant sees the risks to US growth as being to the downside and the risks to inflation as being to the upside. Such a stagflationary brew justifies an underweight on stocks.
MacroQuant sees the risks to US growth as being to the downside and the risks to inflation as being to the upside. Such a stagflationary brew justifies an underweight on stocks.
The Q1 US GDP contraction and inflation dynamics reinforce our defensive asset allocation. GDP missed estimates and contracted -0.3% annualized, led by a sharp slowdown in net exports. Consumption slid to 1.8% from 4.0%, reflecting…
Eurozone GDP beats expectations, but trade distortions and weakening demand momentum support a risk-off Eurozone playbook. Flash Q1 GDP rose 0.4% q/q (1.2% y/y), up from 0.2% in Q4, driven largely by net exports. A key contributor…
Canada’s election outcome and macro backdrop support our neutral stance on CGBs and long CAD/USD structural positioning. Mark Carney’s Liberals retained power in Monday’s federal election and are likely to form a minority government…
The April Conference Board survey adds to signs of labor market softening, reinforcing our defensive asset allocation. The Consumer Confidence index fell for the fifth consecutive month to 86.0 from 92.9. Expectations plunged to…
Our Private Markets & Alternatives strategists recommend shifting exposure within Port Infrastructure to India as re-globalization reshapes trade flows. The US will remain a trade leader, but tensions with China and the…
