Rick Rieder and Russ Brownback argue that as the conventional wisdom in policy and investment circles surrounding prospects for growth and inflation have shifted in 2019, so too have investment opportunities.
We think 2018 will be remembered as a rolling, cross-asset-class bear market that increased in intensity all year. There were numerous influences that drove this price action, but chief among them was a market obsession with the prospect of a pernicious inflationary paradigm, which was thought to be a near certain end-game for this economic cycle. Indeed, markets priced in Federal Reserve policy tightening