As we move deeper into the year, we see the potential for a change in the direction of the prevailing wind across global markets and economies. Why? Big US tax cuts, synchronised global growth and strong earnings may face increasingly strong headwinds from US Federal Reserve (the Fed) rate hikes, rising inflation and protectionist threats. For now, the cycle tailwinds are stronger than the headwinds, but we believe this balance could shift as soon as the midway point of the year as the Fed continues to lift rates. Tailwinds to outpace headwinds … but for how long? It’s been an...