Inflation/Deflation
The Fed is on hold for now, but its 2026 economic projections are far too optimistic. The Fed will ease more next year than it currently anticipates.
Our Portfolio Allocation Summary for December 2025.
Our key US fixed income views for 2026.
Indian stocks have further downside in absolute terms as profits disappoint. Their underperformance versus the EM equity benchmark, however, is late, which warrants a shift from underweight to neutral allocation.
Our Portfolio Allocation Summary for November 2025.
The Fed cut rates today, but a follow-up rate cut in December is uncertain. It will depend, in large part, on who wins a debate about the neutral rate of interest.
US inflation data continue to show no signs of price pressures beyond a near-term tariff effect.
