Global CIO View

Even a quieter, less interventionist Fed would only shrink its footprint very cautiously. Partly this reflects changes to the financial plumbing in recent decades.

A physically tight market is keeping prices close to their record highs.

The latest sell off was a dramatic reminder that precious metals can move in bursts. Inflation adjusted prices are still at levels rarely seen in modern history.

Fears of overly loose fiscal policy have sent Japanese bond yields soaring. Increased volatility is here to stay.

The monthly Investment Traffic Lights provide a detailed market analysis and our view on developments in the main asset classes. 

Markets can reprice JGBs overnight, but the real fault line between volatility and vulnerability is when the effective interest rate surpasses growth