At the point of no return

At the point of no return

Key Points:  Our recession lead indicators are flashing red and recession is inevitable. However, it’s still too early to increase the underweight in risk assets. The 2-year bond yield hasn’t begun to price in an easing cycle yet, and this is normally the final nail...
Dynamic Asset Allocation Update

Dynamic Asset Allocation Update

Key Points: Raise the bar on cash and alternatives. Move slightly underweight Growth assets and maintain the large underweight in Defensive assets. The correction in equities, thus far, is consistent with those seen just prior to recessions. A tactical rally is...