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Equities may take longer to turn a corner than bonds

A renewed pullback in global equity markets and rise in bond yields in December is set to cap off a historically poor year for returns from both “risky” and “safe” asset classes. In fact, once the surge in inflation in 2022 is accounted for, returns from both long-term Treasuries and US equities have rarely been so poor in the same calendar year when looking at the past 150 years for which data are available. 

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