Monday Macro– The Savings Glut redux, US earnings on the up, why Japan still makes sense as do UK equities

This weeks Monday macro returns to some of my favourite themes namely that we should focus on UK and Japanese equities and why bond yields won’t go too much higher

So, I want to revisit some old big picture points. The first is that although I think bonds are deeply unattractive as an asset class, I also don’t think they’ll fall by a huge amount. As I have mentioned before my sense is that the best yardstick is US ten-year Treasury yield which is currently around 1.74%. My own finger in the air says that it could …