While the market has successfully looked through concerns over tariffs, it is important to note that this is still a dynamic situation.
The April Consumer Price Index (‘CPI’) report was released last Wednesday and gave the Federal Reserve another positive data point in its inflation fight, as did Thursday’s negative Producer Price Index (‘PPI’).
U.S. defensives and international lead.a
Quarterly recap: Fed rate cut and Chinese stimulus take the spotlight.
We expect inflation and rates to remain higher than the last decade. We favor tech within growth and cyclicals within value.
