Continuing our countdown to Christmas, Ian Spreadbury says there is still value in bonds but efficient allocation and careful liquidity management will be required for healthy risk-adjusted returns.
2016 was dominated by central bank action and political developments, culminating in what you might call a 'double regime change' - Brexit and a change of government in the UK, and the election of Donald Trump as president in the US. It will inevitably take some time to assess the impact of these developments on the global economy, but my broader thesis of subdued growth and inflation remains unchanged. While economic and political transitions over the next 12 months may lead to a bit of volatility in yield terms, there are powerful structural headwinds to the global economy which remain...
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