In summary, we think economic growth will be slower in 2022 than last year. Next year we think there’s a fair chance that growth reaccelerates, though it depends a lot on how far central banks raise interest rates.
Inflation rates are currently high in many countries but we think they will come down over the year. However, there is scope for scope for further surprises with inflation, both to the up and downside.
As for other risks, we have the current tensions between Russia and NATO over Ukraine, and valuation and sentiment risks across asset classes.
The current positioning of client portfolios is balanced. We could recommend a more defensive stance over the coming months but if bargains emerge early, we would probably take advantage of them.
If you have any questions, or remarks, don’t hesitate to get in touch.
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