Authored by DWS’s CIO office, this quarterly edition sets out a cross-asset framework for navigating volatile markets while positioning for a still-supportive macro backdrop.
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Despite sharp AI-driven rotations and policy uncertainty, the base case remains a Goldilocks scenario of steady growth, easing inflation, and accommodative monetary policy.
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Equities retain upside support from AI investment and fiscal stimulus, though elevated valuations demand selectivity and regional diversification.
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Bonds regain relevance through carry, while gold stands out as a hedge against fiscal deficits and de-globalisation.
How durable is rational exuberance as policy, valuations, and geopolitics converge into 2026?
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