Mark Dowding, BlueBay Chief Investment Officer, discussed the latest macro views, including: Key Points Strong consumption and market gains in the US, supported by lower interest rates and tax cuts. Evidence of a potential bubble within equity markets, with valuations difficult to fulfil, but not expected immediately. Europe remaining constrained by high energy prices and net zero commitments. Persistent fiscal problems in the UK, with tax hikes failing to achieve additional revenue. Mixed messaging from Japan’s new prime minister.