2020 outlook: late-cycle relief

Key Takeaways Macro: We expect a late-cycle relief rally in 2020 as industrial production rebounds and recession risks recede. Fixed income: With global growth likely to revive and central banks on course to keep short-term interest rates low, yield curves should steepen. Currencies: The US dollar may correct from the position of strength it has sustained for several years, relieving pressure on emerging market currencies Emerging markets: Despite the headline noise, most emerging markets…