Macro Environment
- Slightly higher inflation in developed markets
- Uncertainty about future rate hikes by the Fed keep markets in limbo
- Growth in China is stabilizing while Europe (especially Italy and France) show signs of weakness again
- Brexit uncertainty remains
Outlook and Markets
- The global economy appears to be nearing an inflection point, favoring credit and equity relative to long-term government bonds
- FED rate hike for December still likely in our opinion
- BoE and ECB on hold for the time being
- Productivity growth continues to be located in emerging markets rather than in developed economies
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