Investors can no longer expect double-digit returns as inflation has roared back to life and central banks are tightening policy. A higher-for-longer interest rate environment will require a different approach to asset allocation and portfolio construction. Pension plans are looking to real assets and private markets to generate income.

December, the month where festive end-of-year preparations and celebrations shift into top gear, just as commentators become busy reflecting on the past year and making predictions for the next. In the finance sector, our inboxes overflow with analysis of likely economic and market developments in 2023.

After a prolonged era of cheap money and double-digit returns, the sharp spike in inflation to its 40-year high in 2022 was a game changer.

The GIV document elaborates on the latest views, convictions and outlook of our Global CIOs, different Investment Platforms and Macro-Strategy teams.

Natural gas prices have plunged since their summer peak, supported by ample stocks and by the EU emergency measures.

The Fed has started shrinking its balance sheet as part of its fight against elevated inflation.

Understanding the outcome of the November FOMC meeting and its market implications

The ECB has turned more dovish suggesting a less aggressive rate hike path ahead.

The GIV document elaborates on the latest views, convictions and outlook of our Global CIOs, different Investment Platforms and Macro-Strategy teams.