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With critical inflation data set to be released on Friday, investors are closely monitoring its potential impact on the Federal Reserve’s decision regarding future rate cuts. Principal Asset Management Chief Investment Officer of Global Fixed Income Michael Goosay joins the Morning Brief to share his outlook on Fed monetary policy and the Personal Consumption Expenditures (PCE) index.
Goosay notes that inflation data has "brought into question" the path forward for the Fed’s monetary policy stance. While acknowledging the economy’s robustness, coupled with what he calls a "material improvement in the inflation picture" post-COVID, he cautions that this does not necessarily mean "the Fed is gonna be cutting rates imminently." However, Goosay believes a rate cut could potentially materialize in September 2024.
Turning to investment strategies, Goosay suggests that "there’s attractive risk-reward" within the fixed-income market for investors. He also advises investors heavily invested in equities to consider reallocating a portion of their investments into fixed income.
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