The writer is group chief investment officer at Schroders
In the middle of 2024, my mantra was “don’t overthink it”: positive nominal growth and interest rate cuts were supportive of equity markets, even against the backdrop of stretched valuations in the US.
Moving into 2025, I maintain that stance as I expect corporate earnings to hold up and, for now, inflation is still moving in the right direction. But two risks weigh on my mind.
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