Morgan Stanley’s Weekly Warm-up: Tapering on Deck — Stick with Defensive Quality in Factor Frenzy
While expected, we think the Fed’s pivot to a more aggressive tapering schedule poses a larger risk for asset prices than most investors believe. Good news, supply is improving but will it arrive at the wrong time? Meanwhile, factors and styles remain volatile — stick with large cap defensive quality. Tapering is tightening for markets,…...
