"The Great Moderation, a period of steady growth and inflation, is over," BlackRock Vice Chairman Philipp Hildebrand and his team said in a midyear outlook.
Overall, investors should no longer expect both equities and fixed income to rally in tandem, as had been the case over the last 20 years, BlackRock strategists said. "Attractive valuations" had prompted the asset manager to upgrade its view on investment-grade credit. BlackRock also shifted its view on UK gilts to overweight, making them their preferred nominal government bonds, given what it sees as "unrealistically hawkish" market expectations of future rate hikes by the Bank of England given slowing economic growth.
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