Investment Strategy
Economic Outlook
-Supply chain constraints are transitory, and inventory is likely to be rebuilt
-Consumer spending will stay consistent as savings rates continue to remain high
-Growth in GDP throughout FY’22 & FY’23 driven by increased fiscal spending on physical and human infrastructure
-Market volatility will remain elevated throughout FY’22
Inflation outlook
-We expect inflation to moderate as we move through FY’22 as supply chains and inventory normalize
Interest rate outlook
-Federal Reserve maintains dovish monetary policy by slowly tapering bond purchases as we move through FY’22 and by allowing fed funds rate to drift higher in FY’23