The varied responses of individual countries to global inflationary pressures have contributed to elevated real-rate differentials between developed and emerging markets.

We believe shorter business cycles, elevated volatility, and diminished policy responses warrant a focus on portfolio resilience over reaching for yield.

This year’s surge in yields is restoring value to the bond market, especially with the likelihood of a recession rising, although it remains uncertain when market momentum might turn.

The Federal Reserve ratchets up the pace of monetary tightening, raising questions about the U.S. growth outlook.

Despite soaring inflation in Europe, hedges appear cheap

The proliferation of semiconductors throughout our economy may drive more durable, less cyclical demand and earnings.