By Erik Norland, Executive Director and Senior Economist, CME Group

The Northern Hemisphere, home to 90% of the world’s population, is celebrating the arrival of spring. But, be warned: “winter” is coming, and not just for fans of HBO blockbuster Game of Thrones. After a multi-year Federal Reserve (Fed) tightening cycle that turned the yield curve flat, an investment winter might be coming in stocks and U.S. Treasuries. If this Fed-induced investment winter is similar to the previous three, it could bring sharply positive returns for bond investors, especially at the short-end of the yield curve, and mediocre or even negative returns for equities.