Investors should be focused on fixed income over equities right now, according to UBS.
Now's the time to focus on fixed income over equities, according to UBS. The stock market had a strong first half of the year , with the S & P 500 rallying 15.9%, the Dow Jones Industrial Average gaining 3.8% and the Nasdaq jumping 31.7%— it's best first half since 1983. However, UBS' base case is that the economy will slow and will enter a mild recession later this year or early 2024, the firm's chief investment office said in a note last week.
"The widest spreads in the sector since the [global financial crisis] have caught the eye of money managers and hedge funds and we expect material tightening into year end," the firm wrote. U.S. investment grade credit Not only can investors earn a decent yield with these corporate bonds, but the assets should also continue to perform well even in a mild recession, UBS said.
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