Monday Macro – mid journey but where’s the destination? The R word

Expect a rocky few months ahead as investors try and work out what the heck is happening out there

I’m back after a week’s break in sunny Croatia (Split and Dubrovnik in case you were wondering) and nothing much seems to have changed greatly.  We are still mired in another one of those unloved bull rallies – you know the type, where everyone including your aged mother says “They simply can’t believe the current level of the [fill in your favourite ma…