In their latest report, Lazard Asset Management notes that President Trump’s nomination of Kevin Warsh as Fed Chair signals a potential shift toward higher interest rates via a smaller balance sheet, just as U.S. consumer confidence hits a 12-year recessionary low. Simultaneously, China is easing its “Three Red Lines” borrowing rules to provide a liquidity lifeline to developers, though this likely won’t solve the underlying structural crisis in its property market.
Lazard Asset Management serves as the Portfolio Manager of the Caldwell-Lazard CorePlus Infrastructure Fund.
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The information contained herein is intended to provide you with general information related to investment alternatives and strategies and is not intended to be comprehensive investment advice applicable to the circumstances of a specific investor. Commentary and portfolio characteristics are the opinion of the Portfolio Manager based on market conditions as of February 2026. References or inferences to returns do not take into account any management fees, transaction costs, commissions, custodial fees, taxes or other costs that apply when purchasing securities. We strongly recommend consulting with a professional advisor prior to making investment decisions.