Major central banks have eased monetary policy in recent months, delivering on the anticipated policy pivot that informs one of our key investment themes. We expect policy easing to help sustain the economic expansion, and already see easier financial conditions. Yet, the road to recovery could be bumpy due to the persistent uncertainty from protectionist policies. We see growth troughing over 6-12 months, supporting our moderately pro-risk stance over this period.
Chart of the week
The BlackRock G3 Financial Conditions Indicator and Growth GPS, 2015-2020
Source: BlackRock Investment Institute with data from Bloomberg and Consensus