Tipping Point Tables - Expected returns have again changed little over the quarter. Most markets remain at around Fair Value.

Editorial - We review the current state of play on inflation in the US, Australia and New Zealand.

• US inflation is coming under control but the labour market is still too tight. We expect that until labour market pressures ease, the Fed is likely to keep rates at restrictive levels. We do not expect to see much easing from the Fed for the next two years.
• Australian inflation is still a major problem and we have similar la...