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Home / White Papers 2022

Asset Allocation Committee Outlook 3Q 2022

Neuberger Berman
14 July 2022

Into the Inflationary Slowdown

Whether or not the economy falls into a recession, as technically defined, we believe equity investors are going to feel like they’re in one as the valuation adjustment of the first half of 2022 is followed by downward revisions to earnings forecasts in the second half. Credit markets are closer to pricing for a recession as spreads have widened, while government bond yields have risen with tighter central bank policy. That means the Asset Allocation Committee now sees more yield potential in fixed income but remains cautious in equities; it continues to favor commodities, uncorrelated strategies and cash to help mitigate potential volatility and seek opportunistic investments.

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Neuberger

14 July 2022

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