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  • BLC

Promising the Moon

Updated: Nov 13, 2019


■ Equity investors looked past slowing global growth and corporate earnings with high hopes that dovish central banks will be able to reignite the global engines of trade and growth.

■ Lower inflation and expectations of rate cuts drove global bond yields to record lows during the quarter.

■ The Federal Reserve appears willing to further ease financial conditions, which are already accommodative, even with low unemployment levels and elevated stock valuations.

■ There are reasons to be concerned: cutting interest rates risks fueling growing economic and market imbalances while not cutting rates could jeopardize the longest U.S. expansion in history.

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