Its top experts explained what's worth buying in stocks, fixed income, and alternative assets.
Globalization was an aid to economic growth over the last few decades, but it's fading, or even reversing.
Meanwhile productivity growth is weakening, and the aging populations of many countries means there are fewer workers, which makes growth harder to achieve and sustain.
Global Fixed Income Strategist Graham McDevitt says that bond yields are peaking and prices are attractive in a lot of fixed income sectors, but overall fixed income pricing "is much more aligned with a soft landing" than the recession Macquarie's experts expect.
Lastly, in real assets, McCormack says he's bullish on infrastructure and agriculture assets, and positive on real estate to a lesser extent.