Steven Andrew joined M&G in 2005 as a member of the portfolio construction & risk team, before moving to the Multi Asset team, where he helped to formulate asset allocation strategies for M&G's multi-asset fund range. In November 2010, Steven was appointed manager of the M&G Episode Income Fund. Before joining M&G, Steven worked at F&C Asset Management, Merrill Lynch and the Bank of England. He graduated from the University of London in 1997 with a degree in financial economics.
As if political uncertainty was in short supply, Theresa May’s decision to call an early General Election, seeking stability, has achieved the opposite.
The outcome of the election, while clearly a surprise relative to expectations just a few weeks ago, seems broadly consistent with the trend in opinion polls in… Read the article
The election of Emmanuel Macron as President of France marks an important shift in the narrative around European politics: not all popular discontent in Europe can be channelled as anti-EU or purely nationalistic.
For investors, the importance of Macron’s victory may be more about what has been rejected… Read the article
The negotiations around the withdrawal of the UK from the European Union have the potential to be the most significant structural change to the UK’s economy in a generation. Then again, the economic impact might be so small, we may not even notice.
The degree of clarity around these issues… Read the article
The weekend’s news has again illustrated the strong emotional responses produced by politics today and by Donald Trump in particular. It is no coincidence then that the current prevailing sentiment among investors is that returns and price behavior in the coming year will be determined by the actions of President… Read the article
With US growth fine and inflation picking up, the market is remarkably sanguine about future interest rate moves. In our view, inflation is highly unlikely to present a problem for policymakers in the short or medium term, but the basis on which market beliefs have been changed over recent weeks… Read the article
It has not been a Happy New Year for financial markets. Fear is the predominant emotion, coupled with a sprinkling of self-righteousness as perennial bears find their voice once more. As always we need to be careful to separate fact from fiction (or forecast, if you prefer).
If we’re sticking… Read the article
We have commented a number of times (for example) on the market’s current obsession with trying to infer secret meaning from policy makers’ every word. The word of the moment is ‘patience’. As the US economic recovery has been forging ahead of most of the developed world over… Read the article
Just twelve short months ago, market sentiment was dominated by ‘tapering’. Bonds were being aggressively re-priced as investors raced to translate the latest comments from Ben Bernanke into a forecast for the 30-year rate of return on US sovereign debt; and equities were widely perceived as being the superior investment… Read the article
Former President Bill Clinton had a way with words. His erudition may have been less evident in his suggestion that there were alternative definitions of the word “is”, but it was more apparent in his robust response to Alan Greenspan after he’d been apprised by the then Fed Chairman… Read the article
The absence of ‘tapering’ from the Fed at its September meeting is a reminder what ‘forward guidance’ (or ‘conditional commitment’) actually means: not very much. The FOMC’s attitude towards policy is for it to be data-dependent. Big deal. This is the same as every other central bank and the same… Read the article