Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
Head of Fixed Income Strategy
Summary: Both the Spanish general election and the S&P rating review of Italy caught investors on the wrong foot, as the socialist incumbents look set to retain power in Spain and Italian debt has avoided another downgrade.
Equity outlook: The high cost of global fragmentation for US portfolios
Commodity Outlook: Commodities rally despite global uncertainty