We see the risk outlook as extraordinarily binary at this juncture. Either the cyclical green shoots continue to get the upper hand or else we are likely headed for a recessionary type of asset environment.
![Portfolio Watch: Waiting for Godot, Powell and 7.30](https://stenoresearch.com/wp-content/uploads/2023/05/Pasted-107-1080x675.png)
We see the risk outlook as extraordinarily binary at this juncture. Either the cyclical green shoots continue to get the upper hand or else we are likely headed for a recessionary type of asset environment.