The U.S. economy remains resilient. The historic playbook pointed to potential recession, which has not come to pass as of now. We believe the U.S. economic strength poses a problem for the rest of the world, however. Global central banks have been mirroring U.S. Federal Reserve policy, though their economies are typically far more rate-sensitive. The risk is that the U.S. dollar breaks out, exposing a vulnerability in one or more sectors or regions of the globe. For this reason, we remain cautious on equities, especially given current valuations.
La Réserve fédérale est dans une situation délicate : cela provoquera-t-il l’effondrement du cycle haussier?
Les actions ont atteint de nouveaux sommets historiques vers la fin du deuxième trimestre. Cependant, alors que la confiance des investisseurs à l’égard d’un atterrissage en douceur aux États-Unis...
