18 Jul 2018
We see strong US growth extending positive spillover effects to the rest of the world, sustaining the global economic expansion. Yet the range of possibilities for the economic outlook has widened. On the downside: trade war and overheating risks. On the upside: US stimulus-fuelled surprises. This greater uncertainty − along with rising interest rates − has contributed to tightening financial conditions and argues for building greater resilience into portfolios.