In this month’s edition of Portfolio Perspectives, the key messages for investors are:

  • Recent macroeconomic data supports our expectations for a “soft landing”
  • The US yield curve has set a new record for the time inverted
  • Lonsec believes the inversion reflects more than a view that inflation will be sticky
  • We believe the market is becoming increasingly weary of the unsustainable fiscal path of the US deficit
  • US government interest payments on its debt are on pace to exceed spending on National Defence in 2024, becoming its third largest expenditure
  • The Australian government can demonstrate a pathway to lower absolute and relative debt levels.
  • We believe the relative fiscal performance between nations should become a more prominent factor which keeps us overweight Australian government bonds versus the US

To access the full Portfolio Perspectives for April 2024, download the PDF here, along with the charts & commentary.


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Important information: Any express or implied rating or advice is limited to general advice, it doesn’t consider any personal needs, goals or objectives.  Before making any decision about financial products, consider whether it is personally appropriate for you in light of your personal circumstances. Obtain and consider the Product Disclosure Statement for each financial product and seek professional personal advice before making any decisions regarding a financial product.