(Fig. 4) Net new Treasury issuance.
As of November 18, 2023. 2023 through 2025 are estimates.
Sources: U.S. Treasury, Securities Industry and Financial Markets Association, Morgan Stanley. Estimates by Morgan Stanley.
Actual outcomes may differ materially from estimates.
(Fig. 5) Percent of Credit Suisse High Yield Index that is BB rated.
As of October 31, 2023.
Source: Credit Suisse (see Additional Disclosures).
For illustrative purposes only. This is not intended to be investment advice or a recommendation to take any particular investment action.
Thinking
Reasons for caution and optimism as we enter a new economic regime.
Artificial intelligence will drive tech stocks, but watch for new opportunities from health care, energy.
Tectonic Shifts Create New Opportunities
Each month, our Investment Committee prepare a report revealing the two market themes they are watching, their bull and bear views per region and their latest asset class over and underweights.It has been designed to aid you in your decision making and client conversations.