Balancing Act: Risk and Return in a New Regime

Each quarter, our Investment Strategy Team reflects on what's happened in the economy and markets and gives our take on why it matters to investors. In our Q4 letter, we discuss how America-first policies have bolstered economic optimism even as inflation, Fed policy shifts, and policy could bolster a potential cooling of overheated conditions.

Despite higher interest rates and a shrinking Fed balance sheet, a recession has not occurred We discuss why – and explore why it still might.