Five issues for investors to watch in January

2019 was a great year for markets, and equities delivered strong returns for the year. US stocks led the way at 29.07%, Chinese stocks returned 20.94%, European stocks returned 20.03%, and emerging markets delivered 15.42%.1 But the ride wasn’t always smooth, with ongoing geopolitical sagas (like Brexit) and short-term market events (like the inverted yield […]


The case for inflation-linked bonds

We view inflation risks as underappreciated for 2020 – and beyond. Our base case is for modestly higher U.S. inflation this year, with a risk of upside surprises. Drivers include rising wages and energy price volatility in the short term, and deglobalization over time. We like Treasury Inflation-Protected Securities (TIPS) on a tactical basis as […]


The FT has decided to embrace fiscal policy, but it needs to get its head around the politics of it as well

The FT argued in an editorial published yesterday that: For four decades, monetary policy has been the dominant instrument of macroeconomic policy and central banks the queens of macroeconomic policy. That era should have ended years ago. It should have ended for the same reason that reliance on fiscal policy did in the 1970s: the […]


How do the best minds get involved in politics?

Brave New Europe posted a blog from Heiner Flassbeck yesterday in which he argued: [T]here is much that needs to be rethought and redesigned at the beginning of this critical decade. But no political minds are on offer that could explain to the population and to Companyes what is really at stake. Clichés are no […]