Global output and demand are likely to rebound strongly in 2021, but we see risks that call for careful portfolio positioning.

With a narrowly Democratic Congress, U.S. fiscal spending is likely to increase on economic relief from the pandemic, infrastructure, and healthcare, boosting the economic rebound.

Is the 60/40 stock-bond portfolio dead? We don’t think so.

The Federal Reserve signals that monetary policy accommodation will remain firmly in place.

As European inflation and growth remain subdued, the European Central Bank expanded its monetary support. The central bank, however, is now focusing more on the region’s financing, rather than financial, conditions.

Debt of many emerging market countries can offer robust yields and enhance portfolio diversification, provided the asset manager has the resources and sophistication to avoid potential pitfalls.

The COVID shock has amplified disruptive trends, but we see global investment opportunities in the volatility ahead.

Policy will continue to be carefully calibrated as China walks a tightrope between supporting growth and maintaining financial stability.

We believe the Fed’s mortgage purchase program is helping to bolster economic activity, and accomplishing more than Treasury purchases alone.

Strong money growth in Europe has raised concerns about inflation taking off. We have a different view.

The lack of market reaction suggests that many investors are not convinced that the Fed’s new guidance represents any material shift in policy.

Fed officials seek higher inflation but need help from fiscal policymakers.