Monthly viewpoint

Kieron Launder: 2019 first quarter update

Kieron discusses central banks’ retreat from policy normalisation, populism and market volatility


Kieron Launder

Kieron Launder

Head of Investment Strategy

Central banks reverse normalization policy

Fixed income markets have rallied strongly after the Fed and ECB stepped back from raising interest rates. Trillions of dollars worth of debt once again trade with negative yields.

Politics and populism

Populism will continue to challenge policymakers and, potentially, markets. Meanwhile, China continues to grapple with its newfound status as a leading global power.

Volatility returns

The stock market has seen four swings greater than 10% since the beginning of 2018; in the previous two years, there was just one move of this magnitude. We see this as a return to more normal levels of equity market volatility.



  • Volatility
  • Market review
  • Economics & strategy
  • Brexit
  • Investment team videos
  • Quarterly Report

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