The Bullfighter

Equities have proven remarkably resilient in the face of recent banking sector tumult and amid ongoing uncertainty about the outlook for inflation. The read-through of pervasive macro ambiguity for monetary policy is that although developed market central banks are set for a coordinated pause, rates may need to stay higher for a longer period. That doesn't preclude cuts to fight any downturn that shows up in the months ahead. It just means that a return to the lower-bound isn't especially like