Nick Botticelli and Matt Underwood, CFA, CAIA reflect on our positioning to reflect "higher-for-longer" inflation and reticence of the Fed to ease policy too early. Markets exhibited high risk-on sentiment despite the expectation of # of cuts dropping from 6 to 3 within the quarter. With multiple expansion driving a meaningful part of capital markets' return in the US, when will the draining of liquidity in financial markets start to take effect on asset prices?

Nick Botticelli and Matt Underwood, CFA, CAIA reflect on our positioning to reflect "higher-for-longer" inflation and reticence of the Fed to ease policy too early. Markets exhibited high risk-on sentiment despite the expectation of # of cuts dropping from 6 to 3 within the quarter. With multiple expansion driving a meaningful part of capital markets' return in the US, when will the draining of liquidity in financial markets start to take effect on asset prices?