Macro policy is ripping through markets now. We step back and look at why real assets in private markets like infrastructure could be attractive long term. Stocks fell after U.S. payroll gains slowed but not enough to deter the Fed from its singular focus on inflation, with a fourth 0.75% hike in November likely. We think an upside surprise to CPI inflation data this week could strengthen the Fed’s resolve to keep hiking, but a downside surprise will not sway it to back off.
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