As we enter the fourth quarter of 2023, the macro outlook remains uncertain. This is because of the numerous crosscurrents complicating the Federal Reserve’s fight against inflation and pointing to higher-for-longer interest rates—from full employment and decent economic growth to volatile oil prices and pro-cyclical U.S. fiscal policy.

Against this backdrop, the Fed recently indicated that its policy rate will remain restrictive through the end of next year, sparking investor concerns that have weighed heavily on listed real assets. However, we see reasons to be optimistic about our asset classes in this environment. Read more in the full Real Assets Quarterly.