Uncertainty persists, but yield is back and fundamentals matter

"The world is heading into winter in more ways than one. As economic considerations increasingly take a backseat to social and political priorities in China, the flow of goods, capital, and ideas will likely become more and more constrained – perhaps ending a long summer of freer and more globalized trade and markets."

Headwinds diminishing and valuations now more attractive

Steady rise in cost of services clouds inflation outlook

Compass

How changing markets require investors to think and act differently

"Inflation is proving more intractable than unemployment"

Today’s central banks are willing and able to tackle the problem

"An inflation process, particularly when it starts from nothing as inflation is deeply forgotten, is a discovery process."