Views on US equities seem to neatly fall into two camps.
In the developed world, inflation expectation is noise
Affected by housing market
Helped by the Federal Reserve
Issue of 'self-doubt' and over-valued bonds
Janet Yellen's last meeting as chair
Most forecasts for the year ahead are not taken seriously, perhaps with good reason, writes Raphael Pitoun (pictured), CIO of Seilern Investment Management.
Moved up to 1.25-1.5%
Yellen has served since 2014
‘Extreme expense’ of equity valuations
Follows previous criticism
'Part of the Washington swamp'
Economy in 'reasonable health'
US large caps saw €5bn inflows
Yellen hopes unwinding will be like 'watching paint dry'
Could begin later this year
Next step will be balance sheet normalisation
Plans to begin balance sheet normalisation
Trump favours her low rate policy
Kept rates on hold in May
Current institute predicts three to four more hikes in 2017
Expected withdrawal of QE
Third rate rise since December 2015