The fixed income outlook quickly evolved from one framed by reopening-fueled growth and inflation to one saddled with the unsettling consequences of war. It’s an investment backdrop that requires macro perspective on the balance between splintered global growth and the world’s varied phases of tackling inflation. Yet, consistent alpha generation increasingly depends on an expanding micro focus on bottom-up and relative-value analysis.
In “Detour,” Robert Tipp, CFA, Chief Investment Strategist and Head of Global Bonds, maps the way forward in a series of steps ranging from the catalysts behind the recent market repricing to the gravity of the risks looming on the horizon.
Next, Katharine Neiss, PhD, European Chief Economist, assesses how the various aspects of the war affect the pre-existing conditions of inflation, moderating economic growth, and withdrawn monetary and fiscal stimuli in, “A Tectonic Shift in the Global Economy.”
Our portfolio managers subsequently indicate how these themes influence the risks and opportunities within their respective sectors.