The gap narrowed in July between the expected return for the Global Market Index (GMI) and its trailing 10-year realized performance. Today’s revised long-run forecast for GMI, a global, multi-asset-class benchmark, ticked up to an annualized 6.5% from last month’s estimate while its trailing 10-year return edged down to 6.7%. The forecast is based on the average estimate for three models (defined below).
Daily Archives: August 2, 2023
Macro Briefing: 2 August 2023
* US credit rating downgraded to AA+ from AAA by Fitch Ratings
* Global manufacturing downturn continues in July at faster pace
* Resilient US economy suggests US stocks can still run higher, strategist advises
* Job openings in US ease to 2-year low in June
* US construction spending rose sharply in June
* US ISM Manufacturing Index continues to indicate sector’s in recession:
