The taper tantrum of 2013 showed how sensitive emerging markets (EMs) were to higher US rates, but there are some important differences this time around.

In the third part of our series exploring the asset-allocation response to inflation, we look at the implications for fixed income.

The West has imposed a barrage of sanctions on Russia, from hampering its central bank to cutting off some of its banks from SWIFT. What effect will these steps have?

Taking a step back from day-to-day market movements, we have reflected on our team's overall investment strategy outlook and economic thinking. An update of our established framework of recession indicators suggests that the economy has moved into late cycle much faster than we expected. This makes our bullish view on equities more tactical than it was before.

Everyone seems to agree rates will need to go up. Few have confidence about how high. And there’s even less clarity about how inflation will be affected by potential megatrends: climate-related border taxes, global work from home forever, and post-pandemic early retirement.

The largest central banks may expect the inflation storm to pass, but they can’t predict the weather – which may have important implications for commodity prices, inflation, and multi-asset investors.

Investing in the right active strategy will be key as momentum for China’s V-shaped rebound moderates once the rest of the world recovers and Beijing normalises policy.

After Trump loyalists stormed the US Capitol building, we discuss the president elect’s near-term priorities, from the pandemic to national unity.