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

Editorial - We update last quarter’s report on inflation in the US, Australia and New Zealand.

• In all three economies, inflation is falling but not yet to levels at which central banks are likely to ease rates. Regardless of short-term inflation data, labour markets are still too tight and are the main concern for central bankers right now.
• We have reviewed the risks of higher inflation becoming ingrained in world economie...