We expect interest rates to come down, strategist says

Curious to get your take on where you see the markets trending in the second-half and are you as optimistic as the likes of Tom over at France Strat? What's your view? Well, I don't know if we're that optimistic, but clearly I would agree with the message that if you're invested in cash today is, is a good time to think about moving some of that cash into other investments, whether it's fixed income or, or or equities. The the reality is we do expect interest rate to come down. And if you have more than than a few weeks time horizon, now is a good time to get involved when it comes to equity market. It's it's a tricky, it's a tricky situation where valuation are not really attractive where. You know, the, the, the, the breadth of the market has been a very narrow for a while. So you, you really need to be quite specific in, in what you decide to invest in when it comes to to equity market. I don't know if the index can reach that level, but there are clearly opportunities. Julian also wanted to ask you about what we're seeing in the Treasury market right now as well. The narrative is that yields are up because this market is now starting to price in the possibility of a return for President Trump to the White House. Number one, are you buying that narrative? And secondly, in the United States, as we come into payrolls at the end of the week, FOMC minutes as well, is there anything that we should be looking out for? Well, I think clearly the the discussion for markets as we move into the second-half of this year into the US election. Into 2025 will shift away from when is the Fed, the BOE, the ECB are going to cut, how far they're going to cut, and more into what our governments are going to do when it comes to deficit. So the discussion is likely to be much more focused on fiscal elements rather than on monetary policy. And that's what the market is starting to reflect with the expectation that if Trump was elected. In November, we could see further increase in the level of that in the US. Now I'm not sure if Biden is reelected, you're going to see a very different scenario. So I do understand why the market is reacting that way. But I think this is this is not necessarily A1 way St. and in general, we could see more pressure on yields on the long end based on on what governments are doing fiscally.