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Vantage Point: Recession Fatigue

This quarter’s focus considers two key questions: firstly, how much economic slack is necessary to bring inflation back to target sustainably; secondly, are major economies diverging for the first time in two years? Despite rate hikes across the central banks, core inflation and labour markets pose challenges and point toward recessions consistent with our market outlook.

Whilst the US presents the possibility of a soft landing, economic differences are emerging among major developed economies. Various scenarios and investment strategies are discussed, emphasising cash, fixed income, and US equities.

Assessment of Value Report
October 2023

Welcome to our latest Assessment of Value Report.




The value of investments can fall. Investors may not get back the amount invested.

Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA), BNY Mellon Fund Managers Limited (BNYMFM), BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML) or affiliated fund operating companies to undertake portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA, BNY MFML or the BNY Mellon funds.


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