Macro Strategy—Volatile Times Ahead: Untethered money-supply fluctuations have created a new, more volatile environment for asset allocation. Until the Federal Reserve (Fed) reins in the sharp swings in liquidity, uncertainty and inflation will likely prove more volatile than during the pre-pandemic, low-inflation era. More uncertainty and higher inflation volatility increase the need for a well-diversified, all-weather investment mix. Market View—The…
