-
Weekly commentary - Why the structural matters now
Markets are adjusting to the new regime of greater macro and market volatility, in our view. This is not a typical business cycle. What matters are the mega forces – or structural shifts – playing out now. Most point to higher interest rates and lower long-term growth: Aging constrains the workforce, and geopolitical fragmentation rewires supply chains. But digital disruption has potential for productivity gains. We see mega forces creating opportunities and risks across sectors and regions. chart Developed market (DM) stocks have erased about half of this year’s gains – though tech has held up partly due ... (full story)