Weekly Commentary: Macro outlook retakes spotligh

We see the market’s focus returning to higher-for-longer rates and sticky inflation after a U.S. debt ceiling deal. We prefer an up-in-quality portfolio. U.S. stocks hit 2023 highs after the debt ceiling deal. Yields rose amid the specter of rate hikes after Friday’s payroll report showed a jump in new jobs. China macro data is in focus this week. We trim our growth view slightly as the economic restart loses steam and policy reactions remain uncertain. Last week’s U.S. debt ceiling deal removes near-term uncertainty and th