Risk of more shocks looms for US market as investors in Europe expect smoother ride
Banks recommend buying inflation-proofed government debt in the coming year
Banks doubt prices have hit bottom and say they will have to remain lower for longer
Structural frailties of many economies remain largely unrepaired
Stronger US dollar and weakening renminbi are themes for the year ahead but devil is in detail
Several dislocations have developed this year that affect portfolio drivers, writes Mohamed El-Erian
International Edition