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Growth is slowing, but it’s slowing to trend at this point. So not to zero, not to negative, but something like the trend that we’ve experienced over the last couple of decades. So, if you’re looking for a great way to play inflation, look to the small cap asset c...
Russia's war with Ukraine and recent lockdowns in mainland China have further disrupted supply chains, adding to cost pressures. The US Federal Reserve raised its policy rate by 75 basis points at its mid-June meeting and signaled its determination to return inflation to 2%, acknowled...
Worsening consumer and business sentiment, increased inflation, and central banks moving to tighten monetary policy, with the US Federal Reserve being the most aggressive, have increased the risk of a global recession. When China imposed widespread lockdowns in April in pursuit of its...
This “inflation” is just the cover for the harmful redistribution of last year’s global supply shock (not money printing dollars). The global economy is clearly hitting the wall of the supply shock and reacting just as markets and curves have been pricing for well...
The concerns rest on the fact that global manufacturing growth has weakened amid ongoing supply constraints and soaring prices, leaving growth reliant on the service sector. May saw the S&P Global US Composite PMI fall from 56.0 to a four-month low of 53.6. Although economic g...
The World Bank downgraded its 2022 global growth estimate to 2.9%—the bank originally forecasted a 4.1% increase back in January. The ECB announced that it will raise interest rates next month for the first time in more than a decade. Domestic equity funds this last week re...
The US has significantly outperformed the rest of the world in earnings growth over the last decade. This earnings growth is largely already priced in however, with US PE10 valuations roughly double that of the rest of the world. US equities may no longer be eye-wateringly expensi...
Two-plus years into the pandemic, nobody wants to hear the word Covid anymore. Covid-19 case waves significantly improved in April and May across most global regions. Global markets navigated formidable crosscurrents over the past year—high inflation, supply chain bottlenec...
The latest PMI data compiled for JPMorgan by S&P Global revealed an unwelcome mix of sluggish global economic growth and soaring business costs in May. Although global output growth picked up slightly in May, it remained at one of the weakest levels seen so far in the pandemic rec...
Consumer goods industries remain hamstrung by supply chain bottlenecks, soaring costs, and the shift in spending toward services, reporting only modest growth in May to contribute to a broader manufacturing malaise. Global economic growth continued to be fueled first and foremost by r...