The main event that everyone is waiting for is the first interest rate rise. While a 25bps rise in the Fed Funds rate is not a big deal in the real world, it is hugely symbolic. Markets will doubtless become a bit skittish as the moment grows ever closer and the Fed will have its work cut out reassuring bondholders in particular that there will not be a rout in fixed income.
James de Bunsen is multi-asset fund manager at Henderson Global Investors
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Key Points
■ The consensus among market participants is the most consensual it has been for many years.
■ It has been right to be underweight the UK over the past six months.
■ Emerging markets are an area some are tactically much less negative about than others.
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