Tactical Investment Strategy — July 2023
July 10, 2023
- Equities stole the show during the first half with robust gains built on resilient data that propelled the soft-landing narrative and expectations that the Fed was almost done tightening.
- We see a much more challenged back half as stimulus money runs dry and economies feel the increasing impact of restrictive monetary policy and tightening credit conditions.
- We continue to carry an overweight in fixed income vs. equities. The risk/reward for fixed income is superior to equities given full valuations and economic risks for equities and much higher yield carry for fixed income.
Fed Cycles & Fixed Income Returns
August 1, 2023 -- Regardless of precise Fed timing, some combination of yield carry and price returns driven by future easing expectations will . . .
The Fed Remains on Hold as Inflationary Pressures Decrease — Fixed Income Outlook in 5 Charts
June 20, 2023 -- After a prolonged debt ceiling standoff in Washington came to an end, the FOMC delivered on its long-awaited policy rate "pause" at the June meeting. . .
Fixed Income Perspectives — June 2023
June 20, 2023 -- In this presentation, Sage answers the 4 big questions . . .