Markets
Markets appear driven exclusively by momentum plays all over the street. But there is the logic behind the madness. The decline in cross-asset vol speaks volumes about how little investors fear or care about how deep a recession goes as they know it will be painful but of short duration. And that the falling also suggests that they see a rosy H2 recovery that even transcends rolling lockdowns.
I have resigned my self to the fact we are in for an unprecedented level of uncertainty going forward as economies reopen to the reality of gloomy hard data suggesting markets will struggle for a steer more times than not. And all things considered, the most significant element of all is how hard it will be to steer this ship from here.
may have run their near-term course; I do not know as I do not have any particular vision on this move above 2900. And if I do not walk it, I do not talk about it.
Still, regardless of my foggy view on…
