MUMBAI: Global investment firm KKR has said that central banks globally will start tightening this year and it has expressed caution on long-duration govt bonds, over-levered 2021 vintage deals, lower-income consumer exposure, and assets dependent on a return to the old regime of low inflation, low rates, and abundant liquidity.In its mid-year outlook report ‘The Divergence Conundrum’ KKR has warned that the global easing cycle is fading and central banks may stay restrictive for longer, as inflation proves stickier and growth more resilient than expected.“The easing cycle is fading, and the next debate may be more about how long policy stays restrictive,” said Henry H McVey, head of global macro and asset allocation at KKR. He added, “Inflation headwinds will also likely stay a bit higher for even longer, and central banks could be more restrictive than originally thought.”The report signals a clear shift in global monetary policy this year. KKR flagged multiple areas of caution for investors. “In our view, long-duration treasuries have become a less reliable safe haven since the onset of Covid,” the report said.”