A Fed pivot? Tread carefully.

After a tumultuous September, investors had something to cheer about in October. But this is not the time to get carried away with the idea of a coming pivot in U.S. Federal Reserve policy, says Matt Orton, CFA, Chief Market Strategist at Raymond James Investment Management.

So Orton says it’s too early to change his playbook and still favors maintaining a core defensive bias, leaning into dividend growth, profitability, and growth at a reasonable price (GARP).