M&G's Leaviss on the market trends to look out for

Which will evolve and which will wither?

Blogging my 2020 outlook for global bond markets, I predicted the year ahead could start with numerous forecasts that the 'bond bubble' is about to burst.

But I would argue you have to believe a lot of very long-term, established trends are about to diminish or come to an end simultaneously. I view these trends as the 'Secular Seven'. They include demographics, where the post-World War II baby-boomers' desire to save and invest their wealth hit new highs, and demand for income and safe assets has grown dramatically - driving down bond yields. I also highlight technology's downward impact on inflation, as well as the independence of central banks to support bond-friendly environments. Add that capitalism has kept wages and prices low,...