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Tariff turbulence dominated headlines earlier in the year but by the fourth quarter, momentum shifted as investors broadened their focus beyond mega-cap technology companies, fuelling strong annual performance across Europe and Japan.
The Federal Reserve (Fed) and Bank of England (BoE) both delivered rate cuts as labour markets softened and inflation moderated. Over the quarter, we saw the yield curve steepen further, as 10-year Treasury bond yields were largely unchanged while two-year Treasury bond yields continued to decline as rates were cut. The Bank of Japan (BoJ) raised interest rates to the highest level in three decades.
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