We expect the US Treasury yield curve to continue to flatten, as the Fed raises rates further. But we don’t think that the curve will begin to invert – and flag up the risk of a recession – until 2019...

If the Republican’s proposed tax reforms are enacted, a large proportion of overseas income held by US multinational enterprises (MNEs) could be returned to the US. We anticipate that a sizeable share...

This year’s rally in global equities has been driven primarily by an increase in investors’ expectations for corporate earnings. In general, we expect earnings to continue to support equities in 2018.

Although the yields of US Treasuries have rebounded recently, those of emerging market (EM) local currency sovereign bonds have typically increased by less. We suspect that this will continue as...