Global CIO View

Starting yields can cushion inflation losses or leave investors dangerously exposed.

The Hormuz crisis has revealed the limitations of traditional energy statistics, telling us much about where energy comes from, but little about how it is used.

In a world where risks show little sign of receding, we remain constructive on risk assets. Strong earnings growth, continued AI investment and resilient markets support our view.

European earnings have accelerated. Whether that warrants a lasting rerating will depend on how broadly and durably profits continue to grow.

The Fed raises rates by 25 basis points to reinforce its inflation-fighting credibility

Economists expect gradual cuts. Markets see a less comfortable possibility: resilient growth and persistent inflation could force the Fed to raise rates again.