Complex markets can be difficult to decipher. We provide investment professionals and their clients with a global perspective to help explain the issues and trends affecting their portfolios.
A stabilizing macro backdrop, convergent growth, and late-cycle opportunity: each is a reason we do not see winter coming for investors. We believe that strategy will be key—we remain pro-expansion, yet pro-reality, attuned to the evolution of late-cycle conditions.
The S&P 500 has soared to new highs while the 10-year Treasury yield continues to tread near recent lows. Historically, equities outperform as bond yields rise, but this relationship is experiencing greater disconnect as policy easing has led to rallies in both equity and bond prices. We believe the outperformance of higher-quality and defensive sectors suggests shared concerns across assets and less asymmetry than appears.
Source: Bloomberg and GSAM. As of July 11, 2019.
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