US Fed chairman, Jerome Powell, recently described the conventional approach to setting US interest rates as "navigating by the stars".
During 2017, investors enjoyed several positive surprises.
The economic recovery is long in the tooth and the rate of growth is slowing.
'Keep a cool head'
Eurozone inflation eased back to a rate of just 1.1% in February. As in the US, there is some indication of a modest pick-up in wage growth, and this has in the past been closely associated with the rate of inflation in the service sector.
PARTNER INSIGHT: Could this be the beginning of the end? This is the question we ask in our latest Cyclical Outlook, which summarizes the conclusions from PIMCO's quarterly Cyclical Forum held earlier this month.
Barring a zombie apocalypse or a sudden spontaneous collapse in asset prices, the current Goldilocks environment of synchronized, above-trend global economic growth and low but gently rising inflation will likely persist in 2018.
IMF downgrades UK growth forecast
Concerns about impact on economic growth
Not entering stagflation
Trust managers from Investment Week's Investment Company Forum discuss how they negotiated an unpredictable 2016 and where they believe the best opportunities lie in the coming 12 months and beyond.