Michael looks at the midterms: GOP gains in the Senate, an historic loss in the House given economic and market conditions, and what it means for investors.
Market downturn, bear market
Need more Guide to the Markets? Access an additional collection of Guide to the Markets slides, updated on a quarterly basis.
Podcast on the challenges participants are facing today
Investors are concerned about the deterioration of corporate debt quality, marked by lower credit ratings and a large share of covenant-lite issuance in the loan market.
This piece explores key themes from our Guide to the Markets, providing timely economic and investment insight.
For the first time in 20 years, markets will have to survive without support from central banks.
Mounting losses may result in this being one of the worst Decembers on record, and one of the worst years for equity performance in a decade.
Michael discusses how short covering, rather than real money, has driven the fastest recovery on record following a bear market, and looks ahead at slowing earnings growth.
A brief note on the latest price action in equity markets, how business cycles end, and how markets are being left to fend for themselves without central bank intervention for the first time in 20 years.