Jessica Noviskis, CFA
On the surface it looks disjointed. We are in the midst of what is likely the worst recession since the Great Depression, but the stock market has rallied back in a matter of weeks and currently sits just 10% off all-time highs. Treasury yields appear to be pricing in an extended period of softness, and high yield spreads have only started to show signs of recovery. While the future is always an unknown, it feels as if we are facing a new level of uncertainty with many more moving parts.
In this newsletter, we explore equity market dynamics to help reconcile the apparent gap between the recent good news from equity markets and overwhelmingly negative news from the economy and bond markets.
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