Update: 2019 Review and 2020 Outlook

After a nervous start for the global economy, recession fears eased in H2 2019. This did not prevent asset prices rising inexorably, with global bonds rallying and equity markets hitting new record highs. Despite the worst concerns easing through 2019, central banks remained in loosening mode across the developed world, including the Federal Reserve, ECB and more recently even the members of the Bank of England MPC, and this stance is unlikely to change much in 2020.