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1.Market Observations, 2.Strategy, 8.Was Sticky

27 Feb 2017 (AFR) – Bond yield rally suggests too much good news priced in

(27 February 2017, AFR, p20, by Bill Bovingdon, chief investment officer of Altius Asset Management)

‘The contrast between 2017 and 2016 could hardly be more stark. This time last year, financial markets were in turmoil in response to the US Federal Reserve lifting cash rates for the first time in nearly a decade. Now, following the long-awaited second rate rise by the Fed in December, confidence is up, equity markets are booming and defensive assets are being shunned. Clearly the election of Trump in November and the clean sweep delivered to the Republican Party play a large part in the surge in market optimism. However, although global policy settings are moving in a direction that supports economic and income growth, we believe markets may have priced in too much good news over the immediate horizon.’

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