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Market Commentary: New regime fuels narrative flip flops Thumbnail

Market Commentary: New regime fuels narrative flip flops


Thoughtful commentary from our partners at BlackRock:

Flip flops

Market narratives have flip-flopped through the year as the new macro regime plays out. We stay selective amid stagnating activity and volatile inflation.

Market backdrop

U.S. stocks dipped and bond yields climbed after solid U.S. services data. Markets are coming around to our view of key central banks holding policy tight.

Week ahead

U.S. CPI data this week should show more post-pandemic normalization. We see inflation on a rollercoaster ride ahead as an aging population starts to bite. 

We‘re in an unprecedented macro environment that is driving constant shifts in the market narrative: from hopes of avoiding recession to fears good macro news could be bad for markets in just a few months. We see the market moving with data as if we’re in a normal business cycle. But we’re in a new regime, with pandemic disruptions giving way to structural shifts that are playing out now, like an aging workforce. We see opportunities from timing market swings and staying selective.

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This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive and no representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The opinions expressed are as of September 11, 2023 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.