High-Quality Fixed Income – Overweight duration
With the market now expecting the Fed Rate cuts to happen later in the calendar, Goldman Sachs predicts that there will be four rate cuts starting in May. The Federal Reserve has a history of waiting too long before cutting rates, and then cutting too much. There is no reason to believe that this time will be any different.
High Yield Fixed Income – Neutral Corporate, Overweight Municipal
US Equities – Underweight, tilt toward small-cap value
International Developed Equities – Overweight, tilt toward Japan
Emerging Markets – Neutral, neutral China, overweight Korea, Mexico, India
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