Black Rock Gene Boy says he's underweight, developed market equities at the moment. Boy expects the continued us debt ceiling standoff to add volatility to an already volatile environment over the next few weeks. And once that's in the rearview, he expects the full impact of the fastest rate hike since the 1980s to continue to put downward pressure on developed economies for the ensuing months. But Bovi says developed market equities come back in favor on a five-year horizon. As they say, time will tell.

Starting point on the weight developed market equities. And as a result of what we think is a pretty, you know, challenging environment in the near term, we don't think that some of the damage that will come with the fastest rate hike since the 19 eighties will be yet reflected completely in equities. That's the bigger picture story in the near term. The debt ceiling is the focus of attention right now. Everybody is focused on that and there's going to be ups and downs. So we expect more volatility.

But we expect that to get out of the way at some point over the next few weeks and once this is out, the bigger picture, questions, what happens in terms of the economic activity in the economies, we don't think the damage is fully reflected yet. So that's the near-term concern or cautiousness, but longer term on a five-year basis, we already see equities, dm equities being attractive. So it's really a question of horizon.