In the light of the changing prospects for US monetary policy and recent improvements in the outlook for the advanced economies, we are revising our bond yield forecasts higher. However, we continue to expect yields to remain relatively low. What’s more, we are revising our forecasts for developed market equities higher as well. The upside for stocks may be limited but, given the current nervousness, our new forecasts may look reassuringly boring. Elsewhere, the worst may now soon be over for emerging markets, although some key commodity prices probably have further to fall.
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