Nomura’s McElligott: The Easy Recovery Phase Money Has Been Made

Nomura’s McElligott: The Easy Recovery Phase Money Has Been Made

For all the talk of an imminent boom in the US economy, a cursory glance under the proverbial hood of a US equity market perched at record highs shows something ostensibly odd. Expressions associated with the economic renaissance narrative and grand reopening theme have underperformed. That, despite what feels like the inevitability of what I've called the "summer bonanza" thesis. Just as I wrote these very lines, an all-caps Bloomberg headline read: ECONOMY ABOUT TO BLAST OFF. That was accord
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