U.S. tariffs sent shockwaves through global markets. Our scenario analysis shows a bleak outlook for multi-asset class portfolios. Shifts in allocation strategies, however, have offered relative downside protection and new opportunities in turbulent markets.

Do green and non-green bonds differ in liquidity? In addition to bid-ask spreads, we consider other bond characteristics, such as credit spread, duration, issue size and time since issuance, to isolate and quantify the liquidity effect of the bond’s label.