Three pie charts show asset allocations across different scenarios. The allocation in chart 1, based on a soft landing and a neutral rate of 3.5%, is as follows: U.S. equities: 36% Global ex-U.S. equities (unhedged): 24% Global ex-U.S. aggregate bonds (hedged): 8% U.S. short-term Treasury: 2% U.S. long-term Treasury: 18% U.S. credit: 12% The allocation in chart 2, based on a hard landing and a neutral rate of 3.5%, is as follows: U.S. equities: 30% Global ex-U.S. equities (unhedged): 20% Global ex-U.S. aggregate bonds (hedged): 16% U.S. long-term Treasury: 24% U.S. credit: 11% The allocation in chart 3, based on a neutral rate of 2.2%, is as follows: U.S. equities: 44% Global ex-U.S. equities (unhedged): 30% Global ex-U.S. aggregate bonds (hedged): 5% U.S. long-term Treasury: 10% U.S. credit: 10%