Delayed reaction
We are in the gap between aggressive central bank action and inevitable market reaction – mind the lags!
Inflation, it’s so last year
The combination of improving supply and decelerating demand should result in lower levels of inflation.
The most anticipated recession
We believe a recession is likely by the end of 2023, but the real question is, will financial markets have a soft or hard landing?
Liquidity contraction
Liquidity is the most important thing to financial market performance, and currently its contracting, significantly.
IMPORTANT RISK CONSIDERATIONS
Investing involves risk, including the possible loss of principal.
The views expressed represent the investment team’s assessment as of the date indicated and should not be considered a recommendation to buy, hold, or sell any security, and should not be relied on as research or investment advice.
Past performance does not guarantee future results.
Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A.
Other than Macquarie Bank Limited (MBL), none of the entities noted in this document are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
(2940155 – 6/23)
