Updated: Dec 10, 2019
We regard 2018 as a critical juncture for global financial markets and economies.
Ten years on from the global financial crisis (GFC) of 2007–2009, the response of key central banks to it—namely the massive printing of money through quantitative easing (QE) programs—has supported, in broad terms, an environment of synchronized global growth and resilient corporate profitability.
It has also accomplished its goal of guiding many investors into riskier financial assets. Stock market gauges across developed and emerging markets have recovered significantly since the depths of the GFC; in the United States, for example, we’ve experienced the country’s second-longest bull market on record, and bond markets across the globe have likewise posted impressive gains.