By Krishna Memani, Vice Chairman of Investments
As the Fed unwinds previous rate hikes, don’t count on the dollar to move much
I continue to believe international equities and fixed income may offer good value and diversification.
However, I find it somewhat disconcerting that a certain meme is taking hold in the market: international assets are attractive because the dollar will weaken meaningfully.
Put aside the portfolio construction issue of mixing factors - that is, one should disaggregate foreign exchange (fx) and equity risk - the meme has more serious problems.
While I too