Episode Details

Oil is back above US$100, bond yields are approaching uncomfortable levels and major central banks are turning increasingly hawkish, raising the risk of a difficult combination of persistent inflation and weaker growth. Meanwhile, investors are weighing whether US Treasuries look attractive at yields near 5%, whether China can shift from export-led growth towards stronger domestic demand, and whether gold can withstand higher rates. Are global markets entering a new tightening cycle, and where can investors find shelter if the energy shock persists?

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