The world's third-largest asset manager shares where it is earning income as returns in various markets dry up.
because markets are adjusting to the reality that economic growth is likely to be structurally lower even if a recession is proverbially kicked down the road. And by extension, borrowing costs could fall even lower whenever the feared recession materializes.
A low-rate environment also implies that balanced portfolios containing stocks and fixed income are unlikely to yield the high-single-digit returns that prevailed in the past, according to, the deputy chief investment officer of State Street, which has nearly $2.9 trillion in assets.
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