Tactical Investment Strategy — May 2023
May 23, 2023 — As we approach mid-year, we have recast our key outlook and strategy themes for the balance of 2023.
- A mild recession is likely in the second half, which has not been priced into risk markets.
- We see at most one rate cut toward the end of the year and then a more moderate pace than what the futures markets have suggested.
- Fixed income continues to be attractive as we have likely hit peak yields, and higher yield carry is good for returns over the medium-term.
Municipal Fixed Income
Headline Risk Creates Opportunity for Muni Investors
May 15, 2023 -- The municipal sector that has by far received the most controversial press coverage over the last 12 months is the healthcare sector. Included in the . . .
The Sage ESG Top 5 — May 15, 2023
May 15, 2023 -- Sage’s Senior ESG Research Analyst Andy Poreda provides insight on the top ESG news stories of the week. Included in this week’s Sage ESG Top 5 are . . .
Drop in Demand for Credit Presents a Headwind for the Economy — Fixed Income Outlook in 5 Charts
May 15, 2023 -- While the banking crisis seems to be contained for the time being, markets are facing the reality of shrinking credit creation, which could present a . . .