In the second part of the video from our recent New York research trip, M&G’s Richard Woolnough takes a look at three more topics. Firstly, the U.S. labour market is strong and inflationary pressures are building. The Federal Reserve is currently on hold due to external events, but maybe not for long. Secondly, while the lower oil price by and large is beneficial for Western economies, bond valuations in certain business sectors have clearly suffered, creating interesting investment opportunities. And finally, given the Presidential race is probably going to be Trump versus Clinton, bond market uncertainty and risk premiums could well be higher than we are normally used to during a Presidential election campaign.