quantitative-easing

Central bank policy mistake biggest risk

Last month, the US Department of Labor reported average hourly earnings had increased 2.9% in January. Wage gains, largely absent from the post-crisis recovery, are good news for the economy.

'Hostile' 2018

Fixed income investors should be paying close attention to 'Fallen Angels' - these are bonds that are downgraded from BBB- and, as a result, come tumbling out of the investment grade credit market.

Japanese equity markets have been tested by global market volatility so far this year.

The global financial crisis, and the related policy response, is drawing to a close. We are currently enjoying a short period of synchronised global growth and improving trade.

Kept rates unchanged

Policy response from last crisis still 'necessary'

Financial markets are heavily distorted by the unprecedented market presence of central banks. Markets have become extremely sensitive to changes in central bank actions.

Shocks could be caused by end of QE, global debt or populism