Quarterly Insight - Outlook 2022
The basis of our economic research is the Quarterly Insight, published quarterly and carefully edited to highlight our medium-term macro view for major markets.
In our latest edition of the CBH Quarterly Insight, we set the scene for 2022, looking through the clouds currently gathering on the covid front, which are more likely to delay rather than cancel the strong momentum sustaining the global demand recovery. Signals for higher policy rates from the Fed grow brighter, pointing at another difficult year for bonds with little carry protection. Conversely, we expect inflationary forces to feature heavily, at least in the first few months of the year as supply chains reset over time with a positive effect on equities performance. Finally, China will likely be a key focus area as valuations in both high yield and equities have been buffeted by the twin forces of political intervention and a property crisis.