Following the Federal Reserve’s pivot to patience, we believe U.S. short-term interest rates are now anchored in The New Neutral. Global growth keeps synching lower, but may experience a soft landing later this year if China’s economy stabilizes and trade tensions ease. However, political uncertainties suggest a cautious overall approach to investing. These are three key conclusions we discuss in detail in our latest Cyclical Outlook, “Flatlining at The New Neutral.”

As widely expected, the Federal Reserve held interest rates steady at this week’s FOMC (Federal Open Market Committee) meeting, but other aspects of the meeting had notable implications for markets and investors.

Investors in UK inflation-linked bonds are facing two critical sources of structural uncertainty: Brexit-induced volatility and questions about the deeply entrenched (yet problematic) Retail Price Index (RPI).

The divergence between recent bullish factor performance and weaker economic fundamentals should give investors pause.

We believe an active, flexible, multi-sector approach may offer investors better long-term results by focusing on structural opportunities to generate alpha.

We see two overarching reasons for long-term investors to consider continuing to hold a strategic allocation to EM equities: fundamentals and valuations.

North American oil and gas production will likely be a critical input to the global growth engine, and the midstream sector underpins this growth.