Global Cross Asset Strategy – Year Ahead
The Trump inflection
Investment Strategy
30 November 2016 Corrected
Key takeaways
• Market response to Trump is logical but moves have been frontloaded. We now see
USD & rates only modestly higher next year.
• We see higher growth and inflation, notably in Japan. We go long NKY, stay long EM
Source: House Oversight Committee release, November 2025