In our latest Secular Outlook, we discuss our baseline long-term view for the global economy and share ideas for how investors can deal with disruptions. Here are the key takeaways.

With the U.S. and China raising tariffs on each other’s goods, we may be entering a prolonged period of trade tension.

Shelter inflation, which tends to be influenced by the business cycle – and is therefore a focus for the Fed – was again firm.

We see reasons why the current monetary and fiscal policy rhetoric may support higher inflation.

It’s time to pay attention to repos, the building blocks of return for many short-term strategies.

As the transition away from Libor (the London Interbank Offered Rate) as the industry-preferred floating-rate benchmark continues, many investors are raising concerns about how both new and existing short-term and floating-rate instruments currently indexed to Libor will adjust when Libor is no longer available.

Many investors wonder what will happen in their portfolios following the retirement of Libor as the predominant floating-rate benchmark index. The derivative industry, including investment managers, is preparing for the transition, though uncertainties remain.

A quiet and unsurprising FOMC statement belies the important policy discussions and decisions ongoing at the Fed.