We have become more cautious on the overall outlook for equities versus bonds as the year has progre...
We have become more cautious on the overall outlook for equities versus bonds as the year has progressed. This is a reflection of our view that there is likely to be a further round of interest rate rises throughout most of the major economies and that liquidity conditions are consequently likely to become more restrictive. Moreover, this final round of tightening, driven by inflation concerns, is likely to come against the backdrop of further news that global activity is beginning to slow. Thus, with the increased risks surrounding the impact of tightening, it is possible that the pe...
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