David Bulteel

“Equities finally succumbed to rising oil prices and interest rates, prompting profit-taking in markets which had become complacent. Inflation risk appears modest rather than extreme. If true, interest rates are unlikely to rise significantly further, allowing economic growth to continue at comfortable levels. Equity valuations and merger activity remain supportive but further consolidation is likely. There is no obvious catalyst in the economic data or consensus forecasts to warrant major changes in the asset allocation.”