Tactical Investment Strategy — April 2023

April 12, 2023 — As we near the end of the Fed tightening cycle, our game plan is to stay defensive, expecting risk assets to reprice for the reality of tightening conditions and higher prospects of a hard landing. Our medium-term outlook for fixed income is highly favorable, with attractive yield carry, a weak growth picture, and the end of the Fed cycle all conditions conducive to strong returns in core fixed income.