Don't cry for me, Mr Greenspan
In the past few weeks, the world's financial markets have acted in a confused, counter-intuitive, bipolar fashion.
In the past few weeks, the world's financial markets have acted in a confused, counter-intuitive, bipolar fashion. Are investors risk-seeking or becoming more risk-averse?
The recent rally in equity markets suggests the former; the fall in Treasury bond yields and the widening of credit spreads suggest the latter.
So what is going on? Is the global outlook improving or not? Is everything hunky dory or about to implode?
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