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Given where asset prices are at the moment, we would categorise inflation as a low probability, but high impact, risk.

Next month’s budget now has the green light to be Johnson’s fiscal bazooka, with tax cuts, housing schemes and infrastructure projects already mooted.

TwentyFour Asset Management’s Mark Holman explains how a truly global and flexible approach to fixed income investing can combat late cycle, sub-zero yield conditions and improve risk-adjusted returns.

After a year of over 100 rate cuts around the world in 2019, we felt that 2020 would see major central banks engage wait-and-see mode.

This deal may well perform in the short-term, and we sincerely hope Alpha’s plan works, but we also recognise there is a high degree of execution risk and the domestic economy still has considerable headwinds.

The environment on capital markets is currently marked by concerns of the repercussions of an outbreak of a new virus in China. Regardless of this, our models are increasing equity allocation and taking a neutral duration positioning for bonds. More detailed information is available in the latest GMO issue.

Perfect timing is practically impossible in situations like these, but one way to tackle this risk is to gradually reduce ‘good’ duration by moving to the shorter part of the UST curve, which would be less sensitive to a move higher in yields.

Chris Bowie discusses “The Opportunities in Sterling Credit” as he goes into some of the myths and opportunities within the sterling credit markets and trends we expect for the year ahead.

Around mid-2019, the US Federal Reserve’s intrepid marshal Jerome Powell drew his liquidity gun. Order was restored after this High Noon moment, and financial saloons were suddenly abuzz in anticipation of a mad Longhorn stampede. This year, we may yet ride into a beautiful end-of-year sunset.