Fears of a US recession returned last month when yields on short-term bonds rose above those on longer-dated bonds (referred to as an inverted yield curve). However, investing in markets is not the same as investing in the economy and sensible navigation should determine future returns, Lilian Chovin, investment strategist at Coutts, said.

History has showed that when a yield curve inverts it can precede a recession by 12-18 months – although there have been occasions when it has happened sooner, taken longer, or not happened at all, Mr Chovin said.

“The big thing markets don’t like – perhaps even more than...