Ok, so Barclays is out with the latest iteration of their global macro survey and although the results won’t surprise anyone, they are nevertheless amusing for the extent to which they show definitively that investors have been railroaded by central banks into saying one thing and doing another.
Overwhelmingly, the biggest risk is geopolitics:
Of course it goes without saying that in the event someone steps on a geopolitical land mine, the first thing that’s going get hit are risk assets.
And yet true to form in a world where policymakers have turned everyone from macro managers to Target employees into vol. sellers and carry traders, everyone is bullish stocks and emerging markets:
Central banks to investors: “Do as we say, not as you say you should do.”