November 2021 Estimates
Dec 2021
Volatility returned to markets in November as news of a new Covid variant of concern, Omicron, caused markets to react to the prospect of a return to pandemic restrictions. Concerns about persistent inflation continued, reflected in falling bond yields and the UK issuing a 50 year inflation linked bond at a record low yield. US Dollar strength provided a tailwind for non-US investors with US exposure and as a result broadly flat returns are expected for November in all risk categories and currencies except US Dollar and Swiss Franc.
