Amid the AI frenzy are some early signs of the technology’s positive impact on productivity, raising profound implications for growth, inflation, labor markets, and asset prices.
When the facts change, we change our minds. The ‘liberation day’ sell-off increased the value proposition of non-U.S. markets, particularly in Europe and Asia. This is no longer the case.
The economy and risk assets seem to be telling a conflicting story. In this environment, we believe there’s no better time to be taking a multi-asset approach to investing.