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US equities have consistently outperformed global peers, cementing their dominance in portfolios worldwide. But past outperformance is becoming less bankable, especially when policy risk, concentration and valuation premia are taken into account.
Despite signs of easing in services components, including rentals, US inflation has remained sticky, and low-income households in particular are feeling the pinch.
When the European Central Bank began lifting interest rates in July 2022, it set off a quiet redistribution of wealth across the Eurozone’s households.