全球资产配置-2026 年房产展望-不经历风雨，怎见彩虹-Global Asset Allocation House Views for 2026 No pAIn No gAIn

04 Dec 2025 23:17:24 ET │ 51 pages Vi e w p o i n t | Global Asset Allocation House Views for 2026 – No pAIn, No gAIn CITI'S TAKE Our economists suggest a Goldilocks environment in 2026 of decent global growth, benign inflation, and continued but narrowing rate cuts. This is bullish for risk assets. The midterm elections may become a negative driver, but only in Q3. While we think that we are in a bubble in US equities, bubbles are initially quite profitable, we stay long equities (US, China). But hedges ar ...