Labor Market
Our reaction to this morning’s employment report and bond market moves.
Our Portfolio Allocation Summary for April 2024.
We are not yet ready to downgrade equities on a tactical basis but continue to expect we will eventually do so. We present a checklist of indicators that we are watching to determine when to de-risk.
Italy is no longer Europe’s problem child. Investors will be better off reassessing their views of Italian assets, which represent a buying opportunity on a structural time horizon.
MacroQuant downgraded equities from overweight to neutral on a 1-to-3 month horizon. The model maintains a negative view on stocks over a 12-month horizon.
For the first time in at least fifty years, US labour supply is running well below labour demand, meaning the US economy is ‘inverted’. We discuss how and why the economy inverted, and what it means for recession, inflation, and asset allocation. Plus: NVDA is at a consolidation point.
