Macro Insights Weekly - The uncertainty trade

There is remarkable macro divergence at play among key economic blocs presently. But the overarching theme is the worsening of growth momentum in the world's largest economy.
Bonds and gold have rallied. So have Chinese and European stocks.
Cryptos have once again proven their beta to risk, selling off with a rise in risk aversion.
We are not convinced if the US fixed income rally sustainable.
Large tax cuts, unmatched by spending cuts, would keep the federal budget deficit under pressure.
Call of the hour: geographical and multi-asset risk diversification.