[/caption] Image source: Federal Reserve “Manufacturing output peaked in October and has seen broad-based declines in back-to-back months,” explained Phil Mackintosh, chief economist at Nasdaq, in the most recent Market Makers email. Managed Futures Provide Flexibility in Changing Environments Markets are increasingly hopeful that the Fed could navigate a soft landing in the second half. Given the continued impact of the Fed's inflation fight on demand for goods and the drawdowns already happening, it seems prudent to remain both cautious and flexible in portfolio positioning.