Each January, investment banks publish their annual outlooks on economies and asset classes – hundreds of pages of research that often feel too long to read, even for their authors. But after sifting through this year’s tomes, two themes stand out: artificial intelligence disruption is transforming industries at an unprecedented pace, and Donald Trump’s policies will stoke inflation.

Both narratives have already moved faster and further than expected and have led to significant volatility in asset prices, although a deep, sustained market correction has yet to occur.