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Capital Market Outlook

October 23, 2023


  • Macro Strategy — Yield Surge Reflects Waning Confidence in Inflation Anchor: The jump in bond term premia since the pandemic reflects this structural shift higher in expected long-term inflation variance.
  • Market View — How Investors Should Be Thinking About A U.S. Recession: Recessions are short, catalysts for innovation and growth, and can be favorable entry points for Equity exposure.
  • Thought of the Week — Subdued Sentiment Could Indicate Equity Upside: This lack of euphoria among investors implies that stocks could have more room to run as we move deeper into Q4.

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