Macroeconomic Strategy Team
4 April 2023
Events of the past quarter have strengthened our conviction on several of the team’s core economic views.
In our view, the macro backdrop will get worse before it gets better in the current global economic cycle, and investors should expect to experience higher and longer bouts of volatility through the first half of 2023.
At this point, we believe it’s crucial to reassess how we should be thinking about the Fed’s approach to policy making, especially in the context of the second biggest bank failure in U.S. history which has raised doubts about the health of the U.S. banking system.
Midyear 2025 global macro outlook: what’s changed and what hasn’t
More forceful-than-expected government policy decisions, particularly by the United States, have swiftly overtaken some of our early 2025 views. Global trade issues and deglobalization have indeed come to the fore, with knock-on effects for many trade-sensitive emerging markets. Elsewhere, capital markets the world over are contending with a big wave of government debt supply, which is driving global bond yields higher.
Greater China Equities: 2H 2025 Outlook
The latest Greater China Equities Outlook highlights how our investment team navigates global uncertainties and invests through the lens of our investment framework via the “4A” positioning: Acceleration, Abroad, Advancement, and Automation.
2025 Outlook Series: Global Healthcare Equities
The Global Healthcare team maintains a sense of measured optimism for the performance of healthcare equities given the underlying key subsector strength in 2025.
Midyear 2025 global macro outlook: what’s changed and what hasn’t
More forceful-than-expected government policy decisions, particularly by the United States, have swiftly overtaken some of our early 2025 views. Global trade issues and deglobalization have indeed come to the fore, with knock-on effects for many trade-sensitive emerging markets. Elsewhere, capital markets the world over are contending with a big wave of government debt supply, which is driving global bond yields higher.
Greater China Equities: 2H 2025 Outlook
The latest Greater China Equities Outlook highlights how our investment team navigates global uncertainties and invests through the lens of our investment framework via the “4A” positioning: Acceleration, Abroad, Advancement, and Automation.
2025 Outlook Series: Global Healthcare Equities
The Global Healthcare team maintains a sense of measured optimism for the performance of healthcare equities given the underlying key subsector strength in 2025.