Multi-asset view: Why the market wobble may be 'Taper Tantrum' 2.0

After an unusually strong start to the year, equities have reversed course, prompting market participants to wonder whether the pullback constitutes the beginning of something more ominous than a pause for breath. One week does not make a bear market but it is the first sign of rising yields tempering investors' enthusiasm elsewhere. The economic scenario playing out so far is closely aligned to our Economics Roadmap where lower unemployment than in 2006 and US president Donald Trump's tax plan and protectionism stoke inflationary pressures while global growth remains strong. On balan...