Markets in 2014, especially stock markets, have done well.
While it hasn’t been all smooth sailing, as we saw in October, 2014 saw the emergence of growth in the US drove stocks higher and saw a generalised bid tone in risk assets around the world.
2015 is going to be very different according to TD Securities in its 2015 Global Outlook – Rates, FX and Commodities Research released overnight.
That means that traders are faced with a “more uncertain macro and market environment and suggests limited scope for rates to rise globally.” It also means that TD has delayed its rate hike expectations for the G10 other than the Fed and Bank of Canada.