The world economy has been heavily disrupted in recent years with Covid, high inflation, massive budget deficits, the fastest ever Fed tightening cycle and geopolitical stresses. Some of these disruptions may finally be normalising. What does it mean for portfolios and asset allocations?

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• Controlling inflation. Recession or soft landing? Will inflation come down to target without a recession and how bad might a recession be?

• Where will interest rates settle? Are 5% US rates here to stay?

• AI, disruption and productivity. Is productivity growth headed higher?

• 3 risks and 3 opportunities.