Inflation/Deflation

The market is pricing in a soft landing, but we see growing signs that the global economy is faltering. Investors should be defensively positioned.

The Fed kept rates steady today, but teed up an initial rate cut in September while putting more emphasis on the employment side of its dual mandate.

Republicans are favored but the election is still competitive. Equities, corporate credit, and cyclical sectors will fall until policy uncertainty is reduced.