Macroeconomic Strategy Team
4 April 2023
Events of the past quarter have strengthened our conviction on several of the team’s core economic views.
In our view, the macro backdrop will get worse before it gets better in the current global economic cycle, and investors should expect to experience higher and longer bouts of volatility through the first half of 2023.
At this point, we believe it’s crucial to reassess how we should be thinking about the Fed’s approach to policy making, especially in the context of the second biggest bank failure in U.S. history which has raised doubts about the health of the U.S. banking system.
2026 Outlook: Clearer picture, better growth
This year’s outlook spotlights a world in flux – U.S. stimulus, Europe’s rebound, China’s policy pivots, and Japan’s innovation surge all shape a landscape full of both opportunities and challenges.
2026 Preferred Securities Outlook: Overweight utilities – stability meets growth in a rate-cutting cycle
Heading into 2026, preferred securities remain an attractive asset class supported by strong fundamentals and favourable macro trends. In particular, utilities preferreds stand out as a core allocation, benefiting from structural growth drivers, such as artificial intelligence (AI)-driven energy demand, easing monetary policy, and their defensive characteristics amid potential market uncertainties.
2026 Global Macroeconomic Outlook: clearer picture, better growth
Our 2026 macro outlook highlights key themes across global economies and commodities, what we'll be watching closely in the new year, and portfolio takeaways for investors to consider.
Risk Diversification
There is no free lunch. But Risk Diversification comes close in investing. A diversified portfolio was shown to optimize returns with lower volatility in the long run.
Get started with managing your personal finances
People often view managing their personal finances as a complicated process. In fact, it’s a lot more straightforward – it’s organising your money by establishing a budget that accounts for current expenditure, as well as building a strategy for the years ahead to achieve your financial goals. In this introductory article, we will provide steps for creating a financial plan and underscore the importance of managing your money effectively.
Dollar cost averaging: An easier way to withstand volatile markets
If investors wish to reduce volatility and benefit from long-term growth when the markets move up and down, the passive strategy of dollar cost averaging may be a feasible choice.
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