2018 outlook: a normalising global economy

Although the economic outlook for the UK in 2018 is mixed, we believe the consensus is too pessimistic on growth. The global economy is now firing on all cylinders – which will benefit the international-facing UK market – and we believe the risks to growth, inflation and interest rates are all to the upside, in the UK as well as globally.

David Marchant

David Marchant

Chief Investment Officer, Canada Life Limited & Managing Director, Canada Life Asset Management Limited.

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It's not all doom & gloom!

In this forecast we look forward to 2018, with a perhaps somewhat brighter outlook for the domestic UK economy than the market consensus. Much of the commentary surrounding the UK is very negative, but looking at the data itself brings to mind the line from Russell Howard’s TV show: “It’s not all doom and gloom!”

Bill Harer

Bill Harer

Head of Fixed Income - Credit Research & UK Linked Funds

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2018 – the turn of the tide for loose money?

Many of the recent comments around fixed income have referred to the impact on the asset class of global monetary tightening. For example, the US Federal Reserve (Fed) and Bank of Canada (BoC) have already raised interest rates, the Bank of England (BoE) have followed suit and, in January, the European Central Bank (ECB) will begin tapering their huge quantitative easing programme.

Bill Harer

Bill Harer

Head of Fixed Income - Credit Research & UK Linked Funds

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Our short duration strategy: one year on

September 2007 is regarded by many as the beginning of the global financial crisis. However, despite the initial market sell-offs, the performance of most asset classes were turbo-charged in the decade that followed, given that it ushered in an era of ultra-loose monetary policy.

Michael Count

Michael Count

Senior Fund Manager, Fixed Income

Steve Matthews

Steve Matthews

Fund Manager, Liquidity

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Unemployment, wage inflation & the ongoing puzzle

Historically, inflation has tended to be correlated to the strength of the labour market. As unemployment decreases, the pool of available labour shrinks, enabling workers to demand higher wages. This feeds through to the overall price level, putting upward pressure on inflation. Today, however, we are seeing a puzzling global macroeconomic backdrop.

Craig Rippe

Craig Rippe

Head of UK Equities

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