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.
This piece explores key themes from our Guide to the Markets, providing timely economic and investment insight.
Investors were disappointedInvestors were disappointed that trade tensions re-escalated and the Fed viewed their actions as a ���mid-cycle adjustment".
Where can investors find sustainable sources of return?
Market excitement about a resolution to the long-running U.S.-China trade dispute built ahead of (what were rumored to be) the final round of negotiations this week. However, comments from President Trump May 5 helped to dash that optimism.
Learn about the important topics covered in the Outlook and their potential impact on broader markets. Michael Cembalest touches on topics including: the global banking system, oil markets, the credit risk of US states and credit market liquidity.