Weekly Commentary: Three investment themes at COP28

We track the low-carbon transition to identify investment opportunities and risks. We’re eyeing three related themes at the annual UN climate conference. U.S. stocks last week hit their highest level of the year, and U.S. 10-year Treasury yields fell lower. We expect near-term volatility and rising yields in the long term. U.S. payrolls data this week will show if jobs growth is still slowing. We think the U.S. can only sustain a fraction of recent job growth without inflation resurging.