Quarterly Investment Outlook: The R Word Being Whispered

In this webcast, BCA Research Chief Strategists, Mathieu Savary, Robert Timper, Jeremie Peloso and Artem Sakhbiev discussed the following:

• Oil: Temporary buffers are masking a looming oil deficit that could trigger a global recession.
• Inflation: The shock is stagflationary, but weaker labor markets limit second-round inflation risks.
• Policy: Central banks are likely to look through inflation short term, then pivot to growth concerns.
• FX: Terms-of-trade dynamics favor USD and commodity exporters over energy importers.
• Markets: Bonds offer asymmetric upside; equities and FX remain driven by energy exposure and policy repricing.