Global Investment Committee’s Outlook: Stagflation-lite, cautious on both equities and bonds, except positive on Pacific equities

Global economic recovery slightly below consensus, with inflation above consensus In our early December meeting, we, thinking that cooler heads would prevail, did not foresee the Ukraine crisis and the ensuing market conniptions.  Somewhat oddly, however, our strong preference for global equities and negative view on global bonds was justified,…