S&W The Pulse

Bond and equity markets are telling a different story about the global growth outlook: equity markets have rallied significantly since the start of the year, while treasury yields have trended lower. Both markets can’t be right.*We are sticking closer to the upbeat view taken by the equity market, believing that bond yields currently suggest excessive pessimism. That said, we are alert to a number of risks, including inflation and slowing global growth. * Source:  Refinitiv Datastream/Smith & Williamson, ONS, data as at 28 July 2021SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you’re interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 03/08/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not