We believe the investment backdrop remains structurally difficult.
The manager of the world's largest bond fund has highlighted four structural headwinds that pose a risk to growth in developed economies such as the US.
Tim Drayson, economist at Legal & General Investment Management, reviews the recent pledges of the world's largest central banks and their potential impact on the "great muddling through"
The manager of the world's largest bond fund has said a Red or Blue victory will not make any difference to the US economy as the effects of monetary policy have already reached their limits.
Global markets rallied at the end of last week as the Federal Reserve unleashed QE3, prompting some investors to call the start of the next major bull market in equities.
The FTSE continued to make huge gains in afternoon trading, reaching its highest level since late March after the Federal Reserve unveiled its third round of quantitative easing.
The FTSE 100 gained more than 80 points in early trading while global markets leapt higher overnight, lifted by the Federal Reserve's latest round of quantitative easing.
Apollo Multi Asset's Tom McGrath considers the possible unintended consequences of Fed chief Ben Bernanke unleashing a third round of quantitative easing at the upcoming meeting.
The US Federal Reserve will push ahead with QE3 although it will make policymakers "look like fools again", said outspoken investor Jim Rogers.