Global Portfolio Strategy

The Strategic and Tactical Asset Allocation Committee has upgraded its view of financials from negative to neutral, while the precious metals view goes from negative to positive.

The Strategic and Tactical Asset Allocation Committee maintains its overweight equities recommendation relative to bonds.

The Strategic and Tactical Asset Allocation Committee revised S&P 500 year-end fair value target of 4,000-4,100.

The Strategic and Tactical Asset Allocation Committee downgraded its view of emerging market equities from neutral to negative.

The STAAC Committee maintains its overweight equities recommendation relative to bonds for August based on the belief that near-term recession fears may be overdone.