SUMMARY
The Federal Reserve is set to begin rapid
quantitative tightening just two months after quantitative easing. Faced with the effects of a worsening commodity shock, the US central bank is in danger of possibly over-correcting
.
The Federal Reserve is set to begin rapid
quantitative tightening just two months after quantitative easing. Faced with the effects of a worsening commodity shock, the US central bank is in danger of possibly over-correcting
.
inertiafor economic growth to continue this year. However, a demand slowdown is inevitable. We’ve shifted 2% of medium-risk global portfolios into long-duration Treasuries and may make further upward adjustments. We also continue to hold an overweight in TIPS, at a reduced scale.
downstreameffects of rising input costs will still impact many final products in time.
tiltin futures curves suggests a potentially long holding period for our thematic investments in natural resources and oil services. This is the case even if commodity futures prices don’t rise.