17 September 2026
Alex Grassino, Global Chief Economist

The Federal Reserve raised the federal funds rate by 25 basis points at its September meeting, in line with market expectations. Alex Grassino, Global Chief Economist, shares his latest views on the implications of the rate hike.
The Federal Open Market Committee (FOMC) decision and press conference went smoothly—a welcome development, in our judgment, after the mixed signals that emerged from the Fed’s July meeting. The rate decision: A 25 basis-point hike, bringing the federal funds rate from 3.75% to 4.00%. We’d highlight a few points:
Navigating higher for longer rates: Scarce real assets, enduring demand
Real assets offer exposure to some of the most essential parts of the global economy, from energy networks and critical infrastructure to inflation-linked securities and selected real estate sectors. In a world of elevated geopolitical risks, shifting supply chains and ongoing inflation concerns, these assets can provide both resilience and diversification when traditional markets face pressure.
Beyond AI hype: How Manulife Global Multi Asset Diversified Income Fund (GMADI) evaluates long-term equity opportunities
AI continues to create potential investment opportunities, but we believe not every AI-related company will become a long-term winner. Rather than maximising exposure to the theme, the Manulife Global Fund - Global Multi-Asset Diversified Income Fund takes a selective and valuation-aware approach. In this investment note, we discuss the three characteristics we look for when identifying long-term winners and how these principles are reflected in the Fund's equity sleeve which currently maintains a constructive view on sectors such as communication services, healthcare, consumer staples and energy. This positioning reflects our bottom-up conviction in individual businesses whose long-term fundamentals, cash flow characteristics and valuations are viewed favourably by the investment team.
Global Multi Asset Diversified Income Strategy (GMADI) update: A balanced approach to market volatility
Global equity markets have recently experienced sharper movements, particularly in areas linked to artificial intelligence (AI). Earnings announcements from AI hardware, semiconductor and large cloud-computing companies have been key sources of volatility. Concerns about potential interest rate hikes have added to uncertainty. The Global Multi Asset Diversified Income (GMADI) Strategy has not been immune to these market movements. However, its income focus, broad diversification and relatively defensive positioning may help limit the effect of sharp changes in technology and growth-related investments.
Navigating higher for longer rates: Scarce real assets, enduring demand
Real assets offer exposure to some of the most essential parts of the global economy, from energy networks and critical infrastructure to inflation-linked securities and selected real estate sectors. In a world of elevated geopolitical risks, shifting supply chains and ongoing inflation concerns, these assets can provide both resilience and diversification when traditional markets face pressure.
Beyond AI hype: How Manulife Global Multi Asset Diversified Income Fund (GMADI) evaluates long-term equity opportunities
AI continues to create potential investment opportunities, but we believe not every AI-related company will become a long-term winner. Rather than maximising exposure to the theme, the Manulife Global Fund - Global Multi-Asset Diversified Income Fund takes a selective and valuation-aware approach. In this investment note, we discuss the three characteristics we look for when identifying long-term winners and how these principles are reflected in the Fund's equity sleeve which currently maintains a constructive view on sectors such as communication services, healthcare, consumer staples and energy. This positioning reflects our bottom-up conviction in individual businesses whose long-term fundamentals, cash flow characteristics and valuations are viewed favourably by the investment team.
Global Multi Asset Diversified Income Strategy (GMADI) update: A balanced approach to market volatility
Global equity markets have recently experienced sharper movements, particularly in areas linked to artificial intelligence (AI). Earnings announcements from AI hardware, semiconductor and large cloud-computing companies have been key sources of volatility. Concerns about potential interest rate hikes have added to uncertainty. The Global Multi Asset Diversified Income (GMADI) Strategy has not been immune to these market movements. However, its income focus, broad diversification and relatively defensive positioning may help limit the effect of sharp changes in technology and growth-related investments.