The Bull Market in Complacency
The bull camp is getting crowded, but this is a FOMO (not fundamental) rally
Highlights
The bull camp is getting crowded, but this is a FOMO (not fundamental) rallyÂ
November will be remembered as the month the war against inflation was wonÂ
Soft PPI, deflating rents and the ongoing oil price slump signal more disinflation to comeÂ
Mean-reversion on home affordability and the yield curve will drive substantial returns on long bondsÂ
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