Asset Allocations: We have reduced risk and adopted a tactically neutral posture.
Change from previous quarter
|U.S. large cap|
|U.S. small cap|
|U.S. investment-grade corporates|
|U.S. floating-rate bank loans|
|U.S. high yield|
|Non-U.S. developed country|
Currency viewsU.S. dollar versus
|Favor other||Neutral||Favor dollar|
Neutral on equities
We have pushed pause on risk taking and moved to underweight in large caps and U.S. growth stocks, and to neutral in emerging markets.
Reducing high yield to neutral
Levels of volatility do not adequately compensate for uncertainty.
Commodities back to neutral
Stress on global supply chains is causing price swings in key commodity markets.
October 15, 2021 | Capital Markets Outlook
Strains on supply chains, rising prices, slowing growth, and shifting policies have pushed up volatility and changed our tactical stance.More »