insights.

As macro concerns gather, our rules-based All Roads strategy adjusts, keeping stability, predictability and liquidity in mind.

The market shift to Europe from the US and to value from growth, amid an uncertain economic backdrop, underlines the value of active investing. 

Recent data shows the US economy is ending its period of exceptional growth and starting to slow down. But is a recession on its way? 

Will Trump’s trade war spark inflation? We consider 2018’s tariffs to ascertain whether the notion that tariffs equal inflation is correct. 

As investors brace for a potential trade war, we analyse tariff history to assess how the levies – whether reciprocal or unilateral – could impact inflation and growth. 

Amid promising forecasts for growth and market returns, there is still good reason to try to mitigate tail risks in 2025.

What’s next in 2025? Our multi-asset team explores the macro picture, our rules-based allocation approach and why tail risk matters.

US rate cuts have had little effect on rising longer-term rates. Simply put explains why this could weigh on US growth in 2025.