The narrative that connects the 2018 edition of our Themes is the impact of DM monetary policy normalization, which is generally gaining momentum (with some exceptions), on countries’ balance sheets.
The withdrawal of easy money will increasingly undermine the resilience of most economies to shocks, acting as a drag on growth and, on occasion, as a catalyst for market corrections. Although we expect the environment of steady growth to continue, normalization implies an opportunity for policy mistakes.
In combination with stretched valuations, certain countries will be particularly vulnerable to political and policy shocks. And, as growth remains stable, trade friction and competing trading groups, along with weaker productivity, will limit future improvements.
Join our research team as they discuss our view of 2018:
Kil Dosanjh (Head of Macro Research and Strategy)
Mike Gallagher (Head of Markets Research)
Jeff Ng (Chief Economist, Asia)
Kevin Harris (Director, North America)
Gianluca Ziglio (Senior Fixed Income Strategist)
Please direct any questions you would like answered in the Q&A session to firstname.lastname@example.org.