Transcription of Global Insight Weekly - rbcwealthmanagement.com
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Global Insight Weekly - rbcwealthmanagement.com
Global Insight WEEKLYJuly 28, 2022 Perspectives from the Global Portfolio Advisory CommitteeData dependency to depend on dour data Thomas Garretson, CFA MinneapolisThis week marked a shift at the Fed as policymakers have left forward guidance for markets behind in favor of a meeting-by-meeting approach, where policy adjustments will depend on the incoming data. But as this week also showed, the incoming data might not be all that great, and this rate hike may be one of the one is done. Since late last year, the Fed has used its most powerful tool, forward guidance, to prepare markets for rate hikes. Ever-higher inflation this year has led the Fed to ramp up the pace of those hikes in an effort to get policy rates back to neutral, and expeditiously so.
yield curves and the recent uptick in long-term inflation expectations, but we continue to see a relatively low probability of a U.S. recession on a 12-month horizon. Stay the course with a defensive bias We maintain a constructive stance towards equities and corporate credit, based on our view that the economic
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