Fixed Income Investment Strategy — August 2023
August 24, 2023 — Fixed Income Investment Strategy provides an overview of Sage’s market outlook and sector positioning.
Market Outlook
- Our thesis on the economy is a delayed soft recession versus a soft landing. Mortgage rates are now over 7%, and higher consumer and corporate borrowing rates have just started to make an impact.
- We believe yields will be contained as Fed action from here will be limited by a weakening economy.
- The big picture is that investors should keep the next 12 to 24 months in perspective and not hesitate to extend overall duration away from cash and short-term toward more core allocations to fully participate in the price gains we see ahead.
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