Macroeconomic Conditions
In 2023, the US economy exhibited robust growth, fueled by strong consumer spending and the Inflation Reduction Act, leading to a higher-than-expected GDP growth of 4.9% in Q3 and a preliminary 3.3% in Q4. However, growth is anticipated to decelerate to below 2.0% in 2024, amidst signs of a potentia
Strategic Asset Allocation View (7-years)
Our 7-year strategic asset allocation outlook incorporates key considerations such as an expected decline in interest rates from current levels, though not to the historic lows of 2009-2021, and the dual impact of onshoring and AI adoption on corporate profit margins amidst increasing geopolitical t
Capital Markets Executive Summary
In 2023, capital markets experienced robust growth, with the ACWI Index appreciating by 22.2% and major equity indexes like the S&P 500, MSCI EAFE, and MSCI Emerging Markets registering 8%-11% gains in Q4, propelled by faster-than-expected inflation declines and falling bond yields. The fixed income