Macroeconomic Strategy Team
4 April 2023
Events of the past quarter have strengthened our conviction on several of the team’s core economic views.
In our view, the macro backdrop will get worse before it gets better in the current global economic cycle, and investors should expect to experience higher and longer bouts of volatility through the first half of 2023.
At this point, we believe it’s crucial to reassess how we should be thinking about the Fed’s approach to policy making, especially in the context of the second biggest bank failure in U.S. history which has raised doubts about the health of the U.S. banking system.
Global Macro Outlook Q3 2023: The long and winding road
At the time of writing, only the eurozone and New Zealand have slipped into recession (as defined by two consecutive quarters of negative growth). But don’t pop the champagne just yet: We see this as a case of recession postponed rather than canceled. Read more.
The Rebound after the Storm
With potentially greater clarity in movement of rates and currency, credit should lead on stronger government policy, resilient economic buoyancy, and an evolving Asian credit landscape.
Multi-Assets: Opportunities await as global rates take new turns
Despite elevated inflation and higher interest rates, investors can watch for key events in 2023 that can present opportunities. We describe our dynamic and strategic asset allocation views and how a multi-asset outcome-oriented approach may help investors during market uncertainty.
Recessions are more than just a number: an investment framework
The idea a U.S. recession could be imminent is likely to spark anxiety among investors. We highlight five considerations that investors should pay attention to.
The ABCs of ESG
We list the key definitions and terms of ESG investing. Find out answers to what is PRI, SASB, SBTi, active ownership or stewardship and more.
Disadvantages of fixed deposit: is fixed income a better option?
What is a Fixed Deposit? What is Fixed Income? We explain why is fixed income now a potentially better option than fixed deposits.