Capital IdeasTM
Investment insights from Capital Group
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Quarterly macro and market insights from Capital Group’s fixed income team
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The statements expressed represent perspectives from Capital Fixed Income Investors, as at 31 March 2023. The views of individual portfolio managers and analysts may differ. © 2023 Capital Group. All rights reserved. Data as at 31 March 2023, and attributed to Capital Group / Bloomberg Index Services Ltd, unless otherwise stated.
Recession risk heightened as hints of economic slowing emerge
- The banking crises in the US and Switzerland are unlikely to threaten the broader stability of the global financial system but these events will likely tighten lending standards
- Inflation rates remain elevated globally and are unlikely to reach central banks’ targets by the end of the year
- Tightening monetary conditions are starting to bite, and investors are beginning to price in a more challenging growth environment
Risk factors you should consider before investing:
- This material is not intended to provide investment advice or be considered a personal recommendation.
- The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment.
- Past results are not a guide to future results.
- If the currency in which you invest strengthens against the currency in which the underlying investments of the fund are made, the value of your investment will decrease. Currency hedging seeks to limit this, but there is no guarantee that hedging will be totally successful.
- Depending on the strategy, risks may be associated with investing in fixed income, derivatives, emerging markets and/or high-yield securities; emerging markets are volatile and may suffer from liquidity problems.
Past results are not predictive of results in future periods. It is not possible to invest directly in an index, which is unmanaged. The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment. This information is not intended to provide investment, tax or other advice, or to be a solicitation to buy or sell any securities.
Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.
Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.