Markets Chart

Investment Outlook

Learn more about the macro environment, as well as various asset classes and themes, in our quarterly Investment Outlook publication.

Radar Monitor

Collectively Forecasted, Never Arrived - Q1 2024

The takeaway is that this is not a macro environment where investors should have much confidence in any “base case" scenario unfolding, including the soft landing. Like driving on ice, the trick to surviving 2024 may be not over committing in one direction. Staying flexible at the beginning of the year should allow for more insightful decisions down the road.
Clocks Money

The In-Between Time - Q4 2023

The in-between time seems to be a period where monetary policy may appear to have less of an immediate impact on the economy. The recent strength in the labor market is a case in point. Similarly, investors should be prepared for the possibility that the pace of disinflation may slow or even reverse in the coming months
Balloon Popping

The Catch-22 Economy - Q3 2023

We can thank corporate America for avoiding recession thus far. However, staying on the pathway to a soft-landing, while not impossible, still appears improbable.
Money dice

A Lesson in Liabilities - Q2 2023

Policymakers appear to have succeeded in putting an end to deposit runs and bank failures in recent weeks by acting swiftly to provide liquidity. However, the risk remains that the bank crisis will smolder for months without any spectacular failures, yet gradually create grave implications for the economy and risk assets.
A storm at a beach looking out to the ocean

Brighter Days Ahead? - Q1 2023

There is growing optimism that investors will fare better in 2023 than they did in 2022. The caveat is that better does not necessarily mean this year will be an especially good one for markets or that it will be easier to navigate.
Rope Knot

The Cost of Credibility - Q4 2022

If there is a silver lining to a difficult third quarter, it is that the Federal Reserve appears to have finally caught up to inflation after being well behind the curve at the beginning of the year.
Wooden Shapes

A Double-edged Sword - Q3 2022

According to numerous surveys, most investors now anticipate a US recession before the end of 2023. But it is not just the professional investment community that is concerned; a recession is now a topic of conversation at the dinner table.

Views and opinions expressed herein are as of the date published and may change based on market and other conditions. The material contained here is confidential and intended for the person to whom it has been delivered and may not be reproduced or distributed. The material is for informational purposes only and is not intended as a solicitation to buy or sell any securities or other financial instrument or to provide any investment advice or service. Legal & General Investment Management America, Inc. does not guarantee the timeliness, sequence, accuracy or completeness of information included. Past performance should not be taken as an indication or guarantee of future performance and no representation, express or implied, is made regarding future performance.

Unless otherwise stated, references herein to "LGIM", "we" and "us" are meant to capture the global conglomerate that includes Legal & General Investment Management Ltd. (a U.K. FCA authorized adviser), LGIM International Limited (a U.S. SEC registered investment adviser and U.K. FCA authorized adviser), Legal & General Investment Management America, Inc. (a U.S. SEC registered investment adviser) and Legal & General Investment Management Asia Limited (a Hong Kong SFC registered adviser). The LGIM Stewardship Team acts on behalf of all such locally authorized entities. © 2024 Legal & General Investment Management Limited. All rights reserved. No part of this publication may be re-produced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the publishers.