Leading asset manager warns policy normalisation ‘may never occur’

US Federal Reserve building
All eyes are on the Federal Reserve as it seeks to 'normalise' policy

One of the world’s largest asset management companies has said investors are waiting for “monetary Godot” – a normalisation of monetary policy that will likely “never occur”.

Northern Trust, which manages more than $1 trillion in assets, announced in its latest five-year investment outlook that it is unlikely monetary policy will revert to pre-crisis levels, despite a number of central banks around the world beginning to normalise their policy stance.

“After nearly 10 years of unconventional

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