Top Down: A Soft Landing in the US Still Possible

19 July 2023

Every month, our Asset Allocation Committee meets to discuss and debate our market outlook. How has our asset allocation changed month-on-month? Here Bernard Swords, Chief Investment Officer, presents our views.

Since the end of June, Markets have been relatively flat with equities are up 0.4% in euro terms and fixed income markets down 0.1%. 

In the global economy the regional differences which we noted last month gained further momentum. The US economy is proving to be more resilient than expected. Job creation remains strong, and this is putting a prop under consumption. The euro area and China are telling a different story.

Equity markets have been bolstered by a belief in a ‘soft landing’ for the US economy. This may turn out to be the case, but it will leave us with a US economy that is growing at a sub-trend rate with little left to lift that growth rate. 

To learn more, read our latest edition of Top Down.


Previous editions of Top Down

Explore some of our previous editions of Top Down to see how our asset allocation views have changed this year.  

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