The state takes a long view on environmental policy, potentially benefiting California’s cap-and-trade program.

We believe short-dated bonds can offer attractive yields, flexibility, and a means to proceed cautiously as central banks continue to raise interest rates.

The Federal Reserve may be pressured to target a higher terminal fed funds rate as it seeks to tame U.S. inflation expectations following strong price rises in August.

We expect the European Central Bank to continue aggressively hiking rates this year, though moderating from the 75-basis-point level.

Emerging market valuations appear attractive, but country-specific risks can be critical to monitor amid global inflation and rising interest rates.