We think the bar for another major sell-off in markets amid continued noise around US tariffs is quite high. And our base case remains that, in aggregate, US effective tariff rates will remain around their current levels. So we think the stage is set for some further decent returns from “risky” assets – especially US equities – over the next couple of years. But we suspect commodities will continue to lag. Meanwhile, cautious central banks and, in some places, growing fiscal concerns, could mean that government bonds don’t fare that well either.