We think the war in Ukraine and a more hawkish Fed will cause the yield of 10-year US Treasuries and the US dollar generally to end 2022 and 2023 a bit higher than we had previously anticipated. We now also expect DM equities to be a bit lower by the end of this year and next than we previously forecast.
In view of the wider interest, we are making this Global Markets Update available to clients of our Asset Allocation & FX Markets Services.
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