The indecision surrounding US monetary policy coupled with large-scale intervention by the ECB and the Bank of Japan have had a distorting effect on the valuation of financial assets. Our wariness regarding the quality of US growth has been borne out, despite a positive performance by stocks. As a result, our cautious attitude has been reinforced, with a slight but firmly grounded preference for stocks and special attention on implementation of the bond portion.
The Fed expects interest rates to track anywhere between 0% and 4.8% between now and 2019!
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