Alex Brandreth

The risk of tariffs has led to a threat on growth and higher prices (inflation). We expect growth to be weaker this year due to the uncertainty, as this is having on businesses and consumers. However, we are not forecasting a recession at this point and are still constructive on risk assets. This has left us ‘neutral’ on equity allocation. From a regional perspective momentum is strong in UK and European equities, whilst the US dollar has been a headwind to US assets because of the tariff developments. In fixed income, we remain positive with attractive yields available in the shorter end of the curve in a gradually falling interest rate environment

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