If you had left on Xmas day 2018 for a 6 months space trip and came back to earth at the end of June 2019, it would have been hard to believe how well things had gone for the financial markets during your absence.

Especially if you remember the “Doom and Gloom” atmosphere which prevailed at the end of 2018!

As we are still in early July, it seems to us that it is a good time to comment on what happened during the first half of 2019.

Thanks, essentially to the Federal Reserve and the other major Central Banks pivoting decisively back towards accommodative policy, as early as mid- January, assets of all stripes have rallied this year.

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