尽管利率逆风，美联储会议前风险偏好仍具韧性-GOAL Kickstart_ Resilient risk appetite into the Fed meeting despite rates headwinds

US equity markets closed higher last week, helped by dovish Fed expectations into this week's meeting. Active asset manager positioning is bullish ahead of the meeting, and our Risk Appetite Indicator (again at 0.66) had the largest 2-week increase since May. Macro data has been mixed with the ISM manufacturing falling for the 9th straight month and ADP posting the largest 1-month drop since March '23. However, ISM services picked up and core PCE was more encouraging and in line with expectations (+0.2% m/m ...