What a World Growing Older Fast Means for Investing
A growing number of money managers say it’s time to get portfolios ready for a population shift
This article is for subscribers only.
Idanna Appio spent 15 years at the Federal Reserve Bank of New York analysing the history of sovereign debt crises. Now, as a fund manager at the $138 billion First Eagle Investments, she’s reached a conclusion: US Treasury bonds are too risky to hold.
The call looks far beyond the timing of much-anticipated Federal Reserve rate cuts. It’s tied to a new era of faster inflation, higher government health spending and bigger deficits. And behind all of that? The fact that the world is getting older, fast, and it’s time to get portfolios ready.