“With US monetary policy already in restrictive territory, the portfolio will maintain a defensive tilt until we see a clear signal that the Fed is pivoting.” — Marc Gagnon & Maxime Houde, iAIM
Key Takeaways:
- Investors priced in a higher Fed funds terminal rate.
- Both Canada and the United States experienced a risk-off month.
- We continue to think the long-term outlook for commodities is positive.
Marc Gagnon, M.Sc., CFA
Vice-President, Portfolio Manager,
North American Equities, iAIM
Maxime Houde, CFA
Associate Director and Associate Portfolio Manager,
North American Equities and Thematic Investing
