What next after five years of credit crunch?

Tomorrow marks the five year anniversary of the unofficial onset of the global credit crunch. For investors, the past half decade has been characterised by a very healthy US Treasury market, a lacklustre US stock market and a generally poor performance from commodities. Our forecasts imply that the return from investing in US Treasuries will be much less healthy over the next two years, but that it will still be positive and slightly superior to the return from US equities over the same period. Meanwhile, we expect commodities to continue to underperform.