Allspring Global Investments

Allspring CEO Joe Sullivan shares 3 words to mark 3 years at Allspring: 🤝 Partnership 🏃♂️ Persistence ✨ Transformation Listen to the full conversation with Kate Burke and Kelly O'Brien Vives: https://allsprg.co/3CrBfZH

Allspring CEO Joe Sullivan spoke at the FT Future of Asset Management conference in London yesterday. He joined a lively panel with other asset management leaders to discuss what the winning strategies will be as we look towards 2030. Among other topics, they discussed: ✔️ The value of active management in today’s market environment ✔️ The evolution of investment vehicles to meet the changing needs of investors ✔️ What clients expect over and above investment performance ✔️ How to deliver a differentiated client experience Learn more about the event here: https://allsprg.co/4fHPUhu

Listen to Noah Wise’s CNBC interview to find out what he thinks are the key implications of the US election for #FixedIncome investors. https://allsprg.co/3CkResq

Don’t miss our panel of Allspring experts sharing their analysis of the 2024 U.S. #election results and its implications for investors. Register for our #webinar on Thursday 11/14: https://allsprg.co/3A9nhuI

Investors huddled in the front end of the yield curve are positioned for just one scenario. Janet Rilling suggests diversifying to prepare for a wide range of outcomes. Listen to her Bloomberg interview for more. (Interview starts at the 28-minute mark.) https://allsprg.co/3O0siJj

#Election uncertainty may be behind us, but economic and monetary policy uncertainty is rising. Read on for insights from our #FixedIncome teams to help you navigate the postelection landscape. https://allsprg.co/3AKm9h6

We’re proud to honor our active-duty and veteran employees who have dedicated themselves to service. This month, we are celebrating them with personalized tumblers and displays of American and military branch flags throughout our offices. These gestures are a small token of our appreciation for the sacrifices they’ve made to protect and serve. To all those who have served and continue to serve: Thank you. #WeAreAllspring #VeteransDay #VeteransDay2024 Anthony Svach Jon Lagerstedt Andy Hobbs Michael Rodgers

#FixedIncome portfolio manager Janet Rilling explains why #RidingTheCurve may benefit investors in today’s high-rate environment. https://allsprg.co/48UnnRZ

Congratulations to Janet Rilling, Senior Portfolio Manager and Head of the Plus #FixedIncome team, on her nomination as InvestmentNews' “Women to Watch” Portfolio Manager of the Year! Janet’s dedication and expertise inspire us all. #INW2W Paul Weisenfeld Kristin Carcio Christine Collins, CFA Kathleen Moreno-Ketchum, CFA Hannah Rosencrantz Janet Rilling Katie D'Angelo Kelly O'Brien Vives Melissa Murphy Kevin Johnson, CFA

Today, the Federal Open Market Committee announced a cut of 25 basis points (bps; 100 bps equal 1.00%) in its key interest rate, the federal funds rate, lowering the rate to 4.50%–4.75%. Keep reading for more commentary from Matthias Scheiber. 👇 The cut was widely expected based on recent inflation progress, and while economic data remain robust, it was broadly welcomed as a sign that the #FederalReserve (#Fed) is keen to bring inflation-adjusted yields down further. A Republican sweep seems very likely, and looser fiscal policy as well as trade tariffs might lift not only growth but also inflation. Market expectations for a December rate cut have moved down. That said, the inflation rate has continued to improve. While the Fed’s preferred measure of prices, the Personal Consumption Expenditures (PCE) Price Index, has remained stable over the past several months, the core PCE Price Index (which excludes food and energy) remains slightly elevated. This will likely lead to a less aggressive rate-cutting cycle compared with what the market was expecting back in September when the Fed started its cuts. The key data points we’re monitoring concern the labor market—the key challenge for the U.S. economy moving forward. Monthly nonfarm payroll numbers have been more volatile lately due to various strikes and the devastation caused by hurricanes, but there is also an overall weakness in professional and business hiring. The U.S. unemployment rate, which has steadily increased in 2024, ticked up to 4.2% in September. Forward-looking growth indicators for the U.S. manufacturing sector worsened again lately while the services sector stabilized, painting a picture of a gradually weakening economy. We expect the Fed to remain vigilant in monitoring inflation as the fight might not be over just yet. Beyond 2024, the interest rate market continues to price more rate cuts, although nearly two rate cuts have been priced out since September’s cut. The market now prices the federal funds rate at 3.85%, instead of 3.50%, by the summer of 2025. The current market pricing looks realistic to us. We continue to like equities—especially the cheaper parts of the U.S. equity market (excluding mega-cap U.S. technology equities). We expect the equity rally to broaden and believe that any relief from perceived looser monetary policy would likely support equity prices in the medium term. With the uncertainty around the U.S. elections now eliminated, the outlook for higher-yielding bonds remains favorable as a U.S. recession looks less likely under a Republican president and Senate. ----- The Personal Consumption Expenditures (PCE) Price Index reflects changes in the prices of goods and services purchased by consumers in the U.S. It is part of the Personal Income and Outlays Report issued by the Bureau of Economic Analysis of the U.S. Department of Commerce. You cannot invest directly in an index.