Long-term rates remain high because bond supply is rising while demand at the long end has weakened as central banks run QT and pensions and insurers buy fewer long bonds. Persistent fiscal deficits, ageing demographics and higher term premia keep yields elevated even as inflation falls and policy rates are cut.

During his campaign, President Donald Trump promised steep tariffs, and he has delivered. As of 2025, US consumers are facing an overall average effective tariff rate of 17.4%, the highest since 1935.

How can investors best finance the transition? As Europe accelerates its transition to a low-carbon economy, electricity grids are crucial. Originally built for a fossil-fuel-based energy system, Europe’s power networks now require transformation so they can deliver clean energy reliably and efficiently, which demands significant investment. Without it, Europe risks bottlenecks, higher prices and missed climate targets.