Resilient assets with attractive yields can help portfolios stay centered in 2023, when we expect inflation to moderate, central bank policy to steady, and a recession to take hold.

With yields now higher, we believe bonds offer compelling value in this challenging macro environment.

Active management and risk awareness may help investors navigate a global economy where inflation becomes “too hot” and growth “too cold.”

A long-term approach can help investors position for opportunities in a volatile and rapidly advancing business cycle.

We expect growth and inflation to peak in 2021 in developed economies, and we are focused on liquidity and flexibility in our portfolios.