Asset allocation Tactical Asset Allocation

September 2026 update

Our framework continues to suggest the global economy is in a slowdown regime, with growth above its long-term trend and modestly decelerating. Global risk sentiment continues to balance counteracting forces. While a robust economic and corporate earnings backdrop remains largely supported by the continuation of the artificial intelligence (AI) supercycle buildout, geopolitical and inflation-related risk lingers, resulting in ramifications for central bank policy globally.

Our Global Tactical Asset Allocation Model¹ remains modestly overweight equities relative to fixed income, with an emphasis on diversification between and within asset classes.

Get the full story

See what our macro regime framework is telling us — and what we’re doing in response — in our September 2026 Tactical Asset Allocation update.

Topics include:

• Macro update — The growth tailwinds stemming from the AI supercycle remain intact when viewed through the corporate earnings lens. Economic growth remains resilient.
• Markets — Strong fundamentals continue to provide a tailwind to equities, while geopolitical, inflation, and monetary policy risks remain elevated.
  
• Investment positioning — See what we’re favoring in stock, bond, and currency markets.