Plus ça change…

The coming weeks will be charged with macro-economic events (the US Federal Reserve’s decision on rates) and geopolitical concerns (the UK’s Brexit referendum, Spanish elections, the US presidential nominating conventions). Investors are nervous and according to the latest portfolio manager survey, mutual fund managers have a higher proportion of their assets in cash than at any time since the financial crisis. As risk assets are ostensibly shunned government rates are at the zero bound, with the German 10 year going negative this week. And yet the US economy continues to perform, albeit in fits and starts, the European economy is turning

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