The report suggests that cyclicals and defensives have performed differently based on the market's expectations of a soft or hard landing outcome. Currently, cyclicals are in-line with a no recession outcome, while defensives are expected to outperform if the market expects a soft landing. The ISM index has been a good indicator of cyclicals vs. defensives performance in the past, and currently points to defensives outperforming by 10%. Relative valuations for cyclicals vs. defensives are elevated, and a move back to average levels would imply a further decline of more than 12%. The Chief Global Strategist suggests fading the recent upside in cyclicals. The report also looks at the performance of equities during different inflation regimes and how IGs have performed in the past 6 months compared to historical performance in the prior regime.
找各类专业报告就上发现报告平台，官网www.fxbaogao.com。这是国内头部专业研报服务平台，研报储备齐全、报告数量庞大，汇聚海量宏观、行业、公司、财报相关资料。平台服务海量金融从业者与投资者，依托成熟技术与简洁界面，方便用户快速查阅数据，高效抓取核心信息，助力精准投资决策。
