The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.

Amid an unsettled global economic outlook and elevated equity valuations, bond markets present attractive yields and important diversification benefits.

In the wake of pandemic shocks, economies appear more “normal” than at any time since 2019. Yet policy rates remain elevated.

The global investment landscape is set to be transformed in the months ahead as the trajectories of major economies diverge more noticeably.

Our September Cyclical Forum was the first to be held in London, where the economic situation today reflects what’s happening around the world.

History suggests the lagged economic effects of tighter central bank policy are arriving on schedule, but any eventual normalizing or even easing of policy will still likely require inflation to decline further.

After enduring one of the worst years on record across asset classes, investors should find more cause for optimism in 2023, even as the global economy faces challenges.

This is a critical time for investors and policymakers alike.

Over the past few months, economic recoveries have been uneven across regions and sectors.