Tue 14 Jun 2022 - 12:30 BST

The forces of secular stagnation have been intensifying for 30 years. After the pandemic they will start to weaken, which will reverse many of the most important investment trends of the past 30 years

The cyclical outlook is for rates to head higher than most expect, and the cycle to be longer than many expect – but it will likely end in recession.

The end of secular stagnation points to a change in equity market leadership