One argument made by US equity bulls is that Shiller’s cyclically-adjusted price/earnings ratio (CAPE) exaggerates the extent to which the stock market is overvalued because it does not account for a...

The Bank of England looks set to overhaul its forward guidance as part of tomorrow’s Inflation Report. But we doubt a revamped version will have a greater influence on the pricing of Gilts than the...

The recent sell-off both in emerging and developed equities has a wide range of drivers, including worries about Fed tapering and the perceived risks of a “hard landing” in China. Nonetheless, our...

Many equity investors will be happy to see the back of January, but several lessons are worth underlining. In short, the gradual scaling back of the Fed’s asset purchases alone still seems unlikely to...