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Professional Investor - Netherlands
9 September 2022

Asset Allocation Outlook September

There were two sides to the month of August. Investors started the month optimistically, especially when the US economy turned out to be generating large numbers of new jobs still and inflation declined slightly. These events raised hopes of a soft landing and a shift by the Fed to a less tight monetary policy. However, sentiment underwent a reversal when Fed Chair Powell made it clear that no such change was imminent. This resulted in the equity markets falling again after all in August after the upturn in July. During the rally the US S&P500 had come closest to breaking through the downward trendline of the 200-day moving average but ultimately failed to do so.

Please see Kempen’s Asset Allocation Outlook for September. The highlights this month are: 

  • Aggressive tone of central banks spoils the equity party
  • Recession becoming ever more likely
  • Equity underweight increased
2022, 9 September

Asset Allocation Outlook


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