Highlights
You can still see investor optimism practically everywhere, even as the uptrend line comes under pressure — this definitely is not the background of a healthy market
The move-up in bond yields has made the relative attractiveness of equities less alluring as well, with the equity risk premium abnormally low at less than 100 basis points
Confusion reigns over the shape of the U.S. economy — no wonder for the first time in this Fed tightening cycle we are starting to see dissent among the FOMC officials
China’s lingering woes continue — not just the property market, but also a Chinese consumer that refuses to draw down its 40%+ savings rate
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