The trade for the next 35 years? Short bonds long equities

Short bonds? Deutsche Bank believes that we are heading for a new era of low growth and low inflation and falling productivity for the next three and half decades. This conclusion is drawn from the bank’s research which covers over a century’s worth of data and finds that the current economic cycle began in the early 1980s after several years of sluggish post-war growth. Rising productivity, globalisation and improving demographics all helped the global economy power ahead between the 1980s and today, but it looks as if these trends are starting to come to an end. Protectionist . . .

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