While we see the sound macroeconomic fundamentals continuing, we see some risks, particularly on the global front that could raise market volatility in the near-term: 1. We see that the Fed will continue to drive global market sentiment which may, depending on how market interprets the Fed’s forward guidance, translate to market volatility and  BIS central bankers’ speeches  1  2.
Recently, the FSOC issued a notice seeking comment on the products and activities of the asset management industry. Third, there are also areas of the nonbank financial system into which we have only a limited view. While the data we have on hedge funds has improved, we still need to get a complete picture of the scope and size of hedge fund activities.