Overheating economy or a tight labor market. Wage increases are modest. We dont see wages signaling tightness. It has been below the 2 objective the last 25 years. Is a transitory or are there more fundamental things that work . I think were watching carefully to see. We think it is important to gradually move our policy rate to a neutral level. The economy is strong, unemployment is low, growth is strong, it appears to have picked up. It is time to be normalizing Interest Rates. Jonathan joining me is cohead of Global Portfolio management at Goldman Sachs asset management. And coming to us from london, 16 fixed Income Portfolio manager at j. P. Morgan asset management. It is great to have you guys with us. I want to begin with you, what will change at the fed given the two individuals sound precisely the same . Not a lot, but i think over time there are subtle differences. First on the similar side, i think theyre both consensus builders. I do think youre not going to see anything ext
Get us started with a snapshot. You mentioned the fed and rates. This is a big deal, it has had a big effect on etf flows. We have seen what has gone on the bottom side of things, but it has also affected etf flows , in particular sectors. You would think tech would be number one, that it is real estate. Rates yield is 5 , 6 , so the thirst for yield has pushed money into interesting places. Our etf taking over the world . If you look at the sectors, it is way more owned by passive than other sectors. 25 of real estate etfs are owned by passive funds, very high. If we look at which stocks in this area, we see a company like anger, which is 46 owned by passive funds. Some of the stocks are like a canary in the coal mines. Rates continue to stay low, some will be majority owned by passive funds. And if rates rise, look out. Scarlet just a matter of time. Lets bring in the chief Investment Officer of caruso investment. He has a decade of experience in etf investment. Great to speak with y
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