Capital Markets Outlook  |  Q3 2021

Asset Allocations: Continuing to favor asset classes that can benefit from the cyclical recovery

  Current quarter
  Previous quarter
    Change from previous quarter
Underweight Neutral Overweight
Equity
U.S. large cap
U.S. small cap
U.S. value
U.S. growth
Europe
Japan
Emerging markets
Fixed income
U.S. government
U.S. investment-grade corporates
U.S. mortgage-backed
U.S. floating-rate bank loans
U.S. high yield
Non-U.S. developed country
Emerging markets
Commodities
Cash

Currency views

U.S. dollar versus
Favor other Neutral Favor dollar
  Euro
  Pound
  Yen

Overweight equities

Value, small caps, and non-U.S. developed markets look attractive.


Maintaining a high-yield overweight

Credit risk may be attractive as the economy improves.


Maintaining commodities overweight

Strengthening demand is supportive.


Fed's hawkish pivot shouldn't stoke inflation fears

July 14, 2021  |  Capital Markets Outlook

We take a closer look at inflation, unfilled jobs, and semiconductor shortages.

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