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What to Expect When Expecting a Recession Lessons from Europe and the UKRecessions are a feature of the economic & market landscape. Yet are revealed with a lag, which is why investors often rely on recession probability estimates.Read More
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Higher Bond Yields and the Fed Model: Implications for Stock-Bond ReturnsWe explore the historical record of the Fed Model, measured as stock-bond real yield difference, to explain future stock-bond relative total returns.Read More
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Is There a Need for a Chief Liquidity Officer?Liquidity risk can be more severe than volatility risk. Funds may need a designated chief liquidity officer for integrated liquidity management.Read More
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Credit Allocation in a Changing Market: Rethinking the Public-Private Balance
Institutional investors face new challenges and opportunities as they seek the optimal mix of public and private credit in multi-asset portfolios.
Deceleration, Divergence & Diversification
As we navigate the third quarter of 2025, investors are faced with a number of challenges: tariff policies reshaping global markets, central bank divergence, and a shift in stock-bond correlation regimes. Against this backdrop, recession probability remains elevated at more than 60%, US fiscal debt is on the rise approaching 130%, and geopolitical tensions continue to fuel market volatility. Despite these challenges, there are potential opportunities that investors may be able to capture. Our Third Quarter 2025 outlook explores five key themes impacting markets and seeks to identify these compelling, actionable opportunities through our assessment of major asset classes.
Heads or Tails: Currencies and Capital
Capital moves are driving market transformation
What’s Driving the Dollar’s Decline?
Currencies are never driven by just one factor.
2025 Q3 Multi-Asset Outlook
The Trump administration is reshaping the global landscape with bold policy moves that have stirred markets and exposed key vulnerabilities in the global economy.
Rethinking Diversification: Learnings from a Total Portfolio Approach
With the economic and investment landscape evolving rapidly, some institutional asset owners are championing a new model for ensuring that asset allocations continue to remain aligned with their investment objectives.
Europe's Balancing Act: Opportunities Amid Structural Challenges
How are Europe's structural hurdles and strategic opportunities shaping markets?
2025 Outlook
Financial markets soared in 2024 with stocks hitting multiple record highs. As we enter 2025, will we see a continuation of this trend?
Policy Flux: How Uncertainty is Shaping Markets and Confidence
Markets can tolerate risk, but they struggle with uncertainty - and today's environment is brimming with it.
2025 Q1 Capital Market Assumptions
Inflation remains a dominant force shaping global markets as central banks aim to balance easing policies with persistent economic challenges.
