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Forward Guidance
The Bond Market Is Tanking. Is It Time To Buy? | Nanette Jacobson
Sep 23, 2023
54:44
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Nanette Jacobson, Global Investments Strategist at Hartford Funds, discusses her investment outlook, suggesting it might be time to lean into bonds. Topics discussed include the economic outlook, banking system, interest rates and Fed, China's affordability, US fiscal stimulus, cautious views on stocks, and costly investor mistakes. The debate about bonds and the potential for expensive stocks to get even more expensive are also explored.
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Quick takeaways
- It might be time to lean into bonds because they tend to rally 13 months before the Federal Reserve cuts rates, reflecting a belief that growth and inflation dynamics are shifting compared to the past.
- The preference for bonds over higher-risk assets is driven by expectations of structural inflation and potential higher rates, with the market pricing in a transition from hiking to easing even without explicit easing from the Federal Reserve.
Deep dives
Economic Backdrop and Caution on Global Equities
The economic backdrop is characterized by resilient growth and inflation. However, over the next 12 months, a more challenging environment is expected. As a result, there is a slight caution on global equities, with a preference for bonds. The attractive bond returns and slightly cautious stance reflect the belief that growth and inflation dynamics are shifting compared to the past.
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