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Developed Countries

Have US Treasurys Lost Their Shine In Asset Allocation?
Special Report

This is the first of two Special Reports aiming to answer client questions in response to the recent dramatic changes in stock-bond correlations. In this report we focus on what role US Treasurys have played since 1872, how the current regime shift in stock-bond correlation compares to 150-years of history, and how it will impact asset allocation going forward. 

Global Asset Allocation by Xiaoli Tang
US Banks Continue To Tighten The Screws
The Fed’s latest Senior Loan Officer Opinion Survey (SLOOS), which reports on both the demand for and supply of bank loans, revealed that demand weakened and standards tightened in Q4 2022. In particular, 45% of all banks reported that they “tightened…
Daily Insights
RBA Signals More Hikes Coming
As expected, the Reserve Bank of Australia raised its cash rate by 25 bps on Tuesday to 3.35% -- marking the ninth consecutive rate hike. In particular, Governor Philip Lowe’s statement highlighted that robust domestic demand as well as global factors are…
Daily Insights
A Significant Road Ahead
Powell’s much anticipated comments to the Economic Club of Washington on Tuesday did not signal a shift in the Fed’s outlook following Friday’s unexpectedly strong jobs report. Instead, in his first appearance since last week’s 25bp rate hike, he highlighted…
Daily Insights
US Stocks: Sentiment Still Relatively Downbeat
The S&P 500 is up by 14.9% since its October 2022 low. It surged 7.1% this year alone. The quick snapback after entering a bear market last year raises the question about the sustainability of the rally in US stocks. In terms of technical measures,…
Daily Insights
Eurozone Investor Morale Continues To Recover
The February Sentix Index continues to send a positive signal about investor morale. The Eurozone measure jumped 9.5 points to -8, beating expectations of a more muted rise to -13.5. Notably, the February surge marks the fourth consecutive increase and brings…
Daily Insights
Are Easing Financial Conditions Good Or Bad?
US financial conditions have been easing since mid-October and are now back in accommodative territory. The equity rally, weakening dollar, lower bond yields and tighter credit spreads have all contributed to looser financial conditions in the US…
Daily Insights
Why Did Small Soar?
BCA Research’s US Equity Strategy service upgraded small because many risks weighing on this asset class have receded. However, this is a tactical allocation and they are still cautious about overweighing US equities on a strategic basis. Small has…
Daily Insights
It’s Not Always What They Say, But How They Say It

The Fed’s actions at its meeting last Wednesday were no surprise – downshifting to 25 basis points while guiding for more hikes was widely expected – but Chair Powell’s newly conciliatory tone at the press conference helped to spark a two-day equity rally. We remain overweight equities, expecting the S&P 500 to rally into the mid-4,000s at some point in the first half.

US Investment Strategy by Doug Peta
Better Than It Seemed

This week we present our Portfolio Allocation Summary for February 2023.

US Bond Strategy by Ryan Swift

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