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Global Markets Overview: December 2021


By David Hoile | December 23, 2021

Tracking recent asset price moves and our outlook

A summary of financial market performance over the last 12-months

  • The performance of different credit markets has been mixed; high yield bonds and bank loans in the U.S. have been the strongest performers in the last 12-months.
  • World equity returns have been high as earnings have recovered; the U.S. has been the top-performer in the major markets, driven by mega-cap tech stocks.
  • Central bank guidance has become more tilted towards increasing policy rates, especially in the U.S. and U.K., in the face of above-target inflation and robust growth. Consistent with this, the Bank of England raised its official rate to 0.25% in December – two months earlier than our forecasts; the Federal Reserve announced it will most likely stop its asset purchase programme in March 2022 – in-line with our forecasts.

To stay up-to-date and receive additional special feature reports from Willis Towers Watson on global capital markets, please contact David Hoile.

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Senior Director, Investments

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