Macro Insights Weekly - Wars, high rates, asset prices

The economic horizon is clouded by wars and ever rising rates. Asset markets have held up remarkably well, but we worry that risks are insufficiently priced.
The key concern is the loss of lives and societal scars left by wars.
There are broader consequences as well for regional stability and superpower relations.
We are not particularly concerned about the middle-east situation causing an oil price spike.
Beyond oil, the global economy is already dealing with a major shock—interest rates.
The impact of higher rates has been remarkably muted so far, but we don’t think that would last.