The Dynamic Allocation Strategy’s equity allocation jumped to over 80%.

Five of the six top-level indicators in the model (relative strength, global equity market upside participation, PMI breadth, Baltic Dry Index and central banks) favor equities over fixed income and cash.

U.S. Large-Caps, U.S. Value, U.S. Small-Caps, and Cash received the largest weightings. Click the link below to read more about the strategy’s positioning.

Full strategy commentary: NDRDAS202204041

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While there is likely some argument within the Administration as to whether supply chain shocks are both necessary and sufficient or simply necessary (mirrored by the Fed’s own divergence in views), it’s clear that Yellen and the White House are not too concerned about the Philips Curve, nor seem to put stock in John Cochrane’s “fiscal theory of the price level”. After all, Yellen is still quoted as saying that the US is on a responsible fiscal path, despite the deficit (which is, as Mosler notes, the public’s surplus). Or perhaps they think that with some proper cajoling, the greedflation genie can be put back in the bottle (at least temporarily) as CEO’s find a renewed sense of civic virtue and community? We wouldn’t hold our breath. Read more →

NDR Fixed Income Allocation Strategy April 2023 Update

BY BRIAN SANBORN
The NDR Fixed Income Allocation Strategy, Positioning Update Read more →
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