Vincent McEntegart's 2018 outlook: Investing for income

One year ago, markets reacted to a significant change in US inflation expectations. President Trump's policy agenda for a US economy that was growing steadily included fiscal expansion, tax cuts and an "America-first" trade policy, all of which helped justify the increase in inflation expectations. Investors positioned for this new era were wrongfooted as 2017 progressed, however, and it transpired that - despite controlling the three levers of US political power - the Republicans failed to turn rhetoric into reality. Inflation expectations have now fallen back to where they were just pr...