Global Financial Markets

Markets seem to be discounting the scenario that the Fed will continue to stimulate growth with lower interest rates, while wage increases and inflation remain limited. We have serious doubts about this.

Markets are pricing in a near-perfect outcome, while structural risks are building. Geopolitical shifts, pressure on the Fed’s independence and uncertain productivity gains challenge current valuations. This report explains where the fault lines lie.

Markets are pricing in a benign outcome, but three key uncertainties threaten that consensus. Geopolitical escalation, political interference in monetary policy, and disappointing productivity growth could rapidly change the outlook. This report examines how these risks could reshape markets.