Exchange Focus
CME Group: Portfolios and Investing: If/When “Winter” is Coming?

April 2019

The Fed could have overtightened monetary policy with its nine rate hikes as signaled by a flattening of the yield curve, potentially opening the door to a shift in the investment climate that rewards investors in bonds while equities experience mediocre returns.


  • Could Fed’s multiple rate hikes reshape U.S. investment climate?
  • An investment ‘winter’ could benefit bonds, especially at short-end of yield curve
  • In such an environment, equities could see mediocre or even negative returns
  • Markets could see surge in volatility if Fed does not ease monetary policy soon.

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