US Treasury

The first half of 2022 was one of the most painful periods in living memory for financial markets.

UK base rate priced at 3.5% in one year

Time to reverse some positions

Declining macro outlook

Does not signal recession

Reached over 20%

Sky-high equity valuations and near historic low yields in fixed income has left fund managers looking elsewhere for returns.

There is more than just inflation behind the recent, substantial rise in US interest rates. This may well prove to be a real inflection point.

Default would wipe out $15trn in household wealth

Congress must raise debt ceiling