Conflicting macroeconomic signals and shifting market narratives have puzzled investors about the direction of asset prices and portfolio positioning.
Unprecedented rate hikes and diminished liquidity have not led to the hard landing many feared. Episodes of tightening financial conditions impacted LDI in the UK and regional US banks, but we haven't had a financial crisis. Earnings have not collapsed as many expected - companies have stronger balance sheets and been able to pass costs to consumers. FCA warns 'top priority' Consumer Duty 'not once and done' event The disinflation narrative has traction, and fiscal stimulus incentives in the US have seen increased manufacturing construction spending (via the Inflation Reduction an...
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