Nedbank: “The Risk-On Phase Is Very Close To Being Over”

Nedbank: “The Risk-On Phase Is Very Close To Being Over”

Via Nedbank, h/t Mehul Daya In recent days a number of FOMC members’ (Bill Dudley, John Williams and Stanley Fischer) comments imply looming policy normalization (despite moderating growth and inflation). This amid tight credit spreads, record equity prices and falling bond yields (which are all reflective of easier financial conditions). We have suspected this “third mandate” for many years, given the build up of financial stability risks amid the central bank’s unconventional moneta
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