Global markets: JP Morgan

US stalwart performed well for clients during a year of fluctuating markets

Dan Zelikow, JP Morgan
Dan Zelikow, JP Morgan

The past year was a challenging one for public sector institutions. 

Reserve managers started 2023 wary that major economies might tip into recession. As a result, most had trimmed duration in their fixed income portfolios, snapped up new short-term, developed-economy debt, and put some of their diversification efforts – particularly into emerging market fixed income and equities – on hold. Sovereign debt issuers, meanwhile, faced higher funding costs and a possible drying up of market liquidity

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