The Clock Is Ticking On The Current Cycle

“Markets have been pricing in a Goldilocks scenario; benign growth, low inflation and slow central banks and therefore high valuations and low implied volatility,” notes Nomura Research analyst Kevin Gaynor in a 29 June research report. Despite the favorable backdrop, “volumes are light, and few investors appear to be willing bulls.” Gaynor goes on to ask in his report if there is “some “normal” macroeconomic event that could derail the cycle early – i.e., cutting the corner – or whether a full economic cycle should be expected.”

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