The report highlights the causal relationships between macro-economic factors and long term trends in asset prices, incorporating the latest discussions and analysis and drawing on insights from Amundi’s industry experts. We confirm our central scenario of  subdued growth and inflation on a global scale, albeit leading to even lower returns due to complications from late-cycle investing. Recovery is likely as rates and profits normalise while central bank authorities stock up on the ammunitions needed to face further cyclical downturns.