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With heightened inflation, how should investors position their portfolios strategically?
The double bear markets (in equities and long-term bonds) have nearly adjusted to the end of easy money and the ongoing rising inflation. We are shifting focus from fears of inflation to the deceleration of growth. Earnings expectations have room to go down, and the dollar rally could continue.
In a widely expected move, the US Federal Reserve hiked the fed funds rate by 75bp to 2.25-2.50%, its second consecutive 75bp rate hike. The fed funds rate is within the 2 to 3% range of estimates of the long-term “neutral” rate. However, as Chair Powell reminded us during his press conference, policy needs to go beyond neutral into restrictive territory this year in order to reduce inflation.
The greater the gap between what central bankers say and what people believe, the higher may be the cost of bringing inflation under control since significant monetary policy tightening will be needed to rein in expectations about how fast prices will rise. The current collective memory has instead been shaped by an environment where central banks were more concerned about undershooting their inflation targets and were free to act to support growth.
Growing inflationary pressures, potentially higher interest rates, and tempered growth are making careful investment selection more vital. What actions can investors take to position their portfolios strategically?
Pioneer AMT-Free Municipal Fund seeks to provide investors with a high level of current income, exempt from federal income tax, by investing in investment grade bonds focused on sectors that provide essential services to America.
Pioneer High Income Municipal Fund seeks to provide investors with attractive tax-exempt income, emphasizing nationally diverse sectors and downside risk management.
At Amundi US, responsible investing is part of our heritage.
Pioneer Fund has invested in quality sustainable businesses since its inception in 1928, flexibly allocating to both value and growth companies to pursue the best opportunities for risk-adjusted returns over time.
The Fund seeks long-term capital growth by investing primarily in US large capitalization companies. We believe investing in quality stocks at attractive valuations can generate attractive risk-adjusted returns over time.
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