Tactical Investment Strategy, September 2021

September 20, 2021 — The third quarter has been a bumpy ride, with a surge in the Delta variant that has shifted the macro landscape and slowed the economic reopening. Other angst-inducing events include the tech crackdown in China, the question of peak growth in the U.S., and the Fed nearing a policy shift toward tapering. The most serious risk to growth and our overall outlook has been Delta, as it has induced a drag on economic data, reopening momentum, and confidence. This was evident in disappointing data over the last several months, a ratcheting down of third-quarter GDP expectations and, most recently, a dampening of inflation readings. Some of these effects will linger, especially in supply chain disruptions, but we see enough positives to keep us constructive on growth and risk assets for Q4.

  • DATE: September 20, 2021
  • TYPE: PDF

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