At first glance, today’s global economy appears deceptively straightforward. Growth has proven resilient, labor markets — while softening — remain intact, and risk assets continue to behave well. Yet beneath the surface, a more complex reality is unfolding.

We are not operating in a single, synchronized economic cycle. Instead, we are navigating one economy, but three distinct cycles, each moving at its own speed, driven by different forces, and carrying unique implications for investors.

Understanding this divergence is central to how portfolios should be constructed in a world where aggregate data obscures increasingly important dispersion.

Read | One Economy, Three Cycles

Eric Souders

Eric Souders is a Director and Lead Strategist on the global unconstrained fixed income team with a focus on absolute return and multi-asset credit solutions. In this capacity he is responsible for oversight of idea generation, strategy implementation and risk management. Souders is also a senior member of the ESG Committee.

Information provided is general information and is for educational purposes only, and does not include, or constitute as, financial product advice.