Leo Grohowski believes that after a bumpy ride, markets should recover in the second half of 2023.Grohowski also favors US large-cap stocks, particularly high-quality names with strong fundamentals.
With inflation cooling down, investors have grown increasingly optimistic about a potential Federal Reserve pivot towards looser monetary policy. But for the first half of the year, Grohowski expects a bumpy ride, believing that while the Fedit's unlikely to completely pivot."We think it's a mistake to assume any rate cuts in 2023," he said.
"Cash and two-year and short paper do look attractive, but they should still be viewed to me more as a parking spot than a permanent allocation for investors with a longer-term time horizon," he explained. While he's underweight non-US equities for now, Grohowski noted that opportunities for investing in foreign markets may soon emerge, especially as the US dollar's strength isin 2023. He listed China as a market that could soon become a tailwind for investors.
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