The Federal Reserve raised its target range by 25 basis points this week, bringing the midpoint of the federal funds target range to 3.875%. Though the headline move was modest, we believe that this signifies a broader change in the policy backdrop.
After years of large-cap leadership, Small-Mid Cap (SMID) is back in focus. The strategic case for an allocation to SMID, however, is broader than this year's performance.
This week, rising tensions in the Middle East and growing concerns over inflation and fiscal deficits drove a broad selloff in global bonds. This global bond selloff reflects a combination of factors.
