Estados Unidos

Investors are still cautious and have significant cash that needs to be put to work. Trickle-down of it into the US equity market may extend the rally. Overly bearish futures positioning is also a strong contrarian indicator. Disinflation is good for real earnings growth, and imminent earnings rebound may add support for equities.

As the S&P 500 nears our 4,500 target, we review the rationale behind the call to assess its merit.

This Strategy Insight discusses the bond market and currency implications of the Fed’s “hawkish pause”.

We are overweight Private Credit. Improvements in yield, negotiating leverage, and structuring upside are major tailwinds over the coming years. The business cycle provides an attractive backdrop for all Private Credit sub-asset classes. In this Special Report we examine Private Credit as a whole, but with more emphasis on the income-focused sub-categories of Senior and Mezzanine Debt.