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Bond and equity markets are telling a different story about the global growth outlook: equity markets have rallied significantly since the start of the year, while treasury yields have trended lower. Both markets can’t be right.*We are sticking closer to the upbeat view taken by the equity market, believing that bond yields currently suggest excessive pessimism. That said, we are alert to a number of risks, including inflation and slowing global growth. * Source: Refinitiv Datastream/Smith & Williamson, ONS, data as at 28 July 2021SUBSCRIBEStay up to date with our latest insights, subscribe to our mailing list here and choose the topics you’re interested in: https://bit.ly/2SKomDqGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comFOLLOW US:Twitter - @SmithWilliamsonLinkedIn - @Smith&Williamson This episode was recorded on 03/08/2021Capital at risk. Please remember the value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson Investment Management LLPAuthorised and regulated by the Financial Conduct Authority. Registered No 580531