RISE - Policy Evolution In 2019: The Ability To Invest Again
Rick Rieder and Russ Brownback argue that an evolving policy stance at the Fed is altering the risk/reward calculus for investors this year, although left-tail risks remain.
Over recent weeks, the Federal Reserve has made a virtuous policy pivot in response to slowing global growth, decelerating U.S. inflation, and acute financial market volatility. Specifically, Chair Powell, Vice Chair Clarida, and several other Fed governors have all come out to highlight the need for patience and flexibility in adjusting monetary policy in 2019, a policy approach that has dramatically altered the way we're approaching portfolio construction.