Too Far Too Fast? Goldman Wonders If The Risk Rotation Can Last

US equities are perched at record highs and bond yields have risen fairly dramatically over the past month. Part of this is down to optimism around trade and movement on Brexit. One thing we haven't seen yet is convincing evidence of a meaningful inflection in the global economy. You'd be inclined to assume that's coming - or at least you would if you put any faith at all in the power of rate cuts and dovish forward guidance. Monetary policy acts with a lag, and the global dovish pivot began ar