View a printable version of this report in PDF format

Global financial markets continue to be marked by high levels of uncertainty, due largely to geopolitical events – the effects of the war in Ukraine are still being felt, and have been joined by the impact of tariffs imposed by the US and a US-led war in the Middle East.

This backdrop seems to be reflected in the decision-making of reserve managers, even if many say they have not directly responded to events such as the imposition of tariffs