North America

Launched in April

Financial markets became scared at the end of last year that the US Federal Reserve's monetary tightening could precipitate the country's economy into recession.

Bond investors spent most of last year transitioning towards a more fundamentally driven approach to selecting assets.

US stocks had a turbulent last quarter in 2018 and have been somewhat volatile since the start of this year.

Last month the US yield curve inverted, with the yield on 10-year Treasury bonds dipping beneath the yield on 3-month Treasury bills.

Impact of political turmoil and Brexit

In recent weeks, investors have fixated on the inversion of several sovereign yield curves, most notably the US Treasury curve.

Equity markets everywhere look 'reasonably placed'

Preparing for the worst despite upbeat sentiment

Economic and investor implications