There Is No Synchronised Global Economic Cycle

Also Interesting

• The Fed’s About-Face Complete Amid Dissent
• U.S. dollar forecast
• Why we like credit

 Cross Asset Investment Strategy Monthly January 2019 

All in all we believe that global risk is still asymmetric as the process of repricing growth expectations and the related adjustments of risk premia unfolds, leading to a restoration of value across the board. Still, this restoration of value and the progressive positive alignment of planets (milder path on US rates, peak in the dollar, slower US growth) bodes well for progressive exposure to EMs.