Moderately greater risk tolerance: An update to our views

A changed economic and market environment leads us to an off-cycle update of our asset allocation views, typically published after our quarterly Strategy Summits. Overall, our views reflect a moderately greater risk tolerance and a recognition that central banks are “all in.” The current crisis has unfolded faster than any previous crisis, and while the recession is likely to be deep, it could be relatively short-lived. Disruption from COVID-19 is easing at the margin, and the economic outlook is improving.