Chris Robinson

The second quarter of 2025 has been a rollercoaster of noise when it comes to politics, conflict, interest rates and company results. The difference between the worrying media rhetoric and markets has been clear. When the fundamentals point to reasonable trading for business and supportive economic conditions, it can lead to positive outcomes for equities and fixed income. We are wary of government debt levels and issuance for the second half of 2025. The impact on the yield curve won't necessarily be the same as past cycles, which may lead to challenges to the steepening of curves in the UK and US we've experienced so far. Yet, if the normalisation of growth and inflation continues, it will remain a positive for diversified portfolios, albeit with more volatility.

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