William Blair：2026年经济周评：债券能抵御增长冲击，但不能抵御通胀冲击（英文版）

For several years now, we have been arguing that the inflation regime has changed, that we are in the midst of a structural capex upturn, that we are facing increasing geopolitical shocks, and that these changes have important implications for investors and asset allocation. This regime change signifies that investors should move away from the traditional 60-40 portfolios and adopt a more diversified and active portfolio management policy. Portfolios should still include exposure to bonds but