Chief Economist: Opt for Multinationals Or High Grade Corporates

"I think there has been a downshift in expectations of economic growth, so I would be a little more defensive, thinking about companies that actually pay dividends, and have a record of earnings. I would emphasise the multinationals overall, and I would look at high grade corporate bonds as an alternative," John Silvia, chief economist at Wells Fargo, told CNBC.

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