A snapshot of our current views on equity, fixed-income and alternative asset classes — updated monthly to help you tactically adjust for opportunities and risks.
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Momentum and our economic framework are supportive of a moderate overweight in U.S. equities. Stretched valuations continue to pose a constraint.
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We maintained our neutral position in fixed income. Negative correlations with stocks suggest that Treasuries appear to have resumed their role as a
flight-to-quality asset.
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We kept our overall neutral position to alternatives, as we believe potential diversification benefits offset the potential challenges of lower inflation to
assets like commodities and REITs.