What is the psychology of the market right now? The first clear thing is that the slowdown story is ...
What is the psychology of the market right now? The first clear thing is that the slowdown story is fully accepted. It is the gloomier economic forecasters who have the floor now, their arguments about structural impediments to growth are almost impossible to refute. Growth bulls are extremely quiet. In the markets prices have moved to levels which suggest that interest rates - in the UK at least - have peaked. With short rates at 4.75%, two year gilt yields of 4.6% suggest that the market expects no further rises. An element of market psychology that is difficult to articulate, but i...
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