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Investment Event

Underestimating the risks?
15 December 2023
    Download the full reportPDF, 798.65KB

    Key takeaways

    • The Fed abandoned its bias to hike and pivoted towards rate cuts in 2024 on the back of a likely further improvement in inflation. Bonds and equities rallied
    • Markets appear to be pricing in a soft-landing for the global economy, but may be under-estimating the risks to growth given the full impact of policy tightening has yet to be felt
    • Our ‘house view’ is for defensive positioning in investment portfolios at present. A weaker economy and disinflation should be a supportive environment for government bonds and challenging for stocks