The writer is senior macro investment strategist at BlackRock
Much has been made of the speculative fervour that underpinned the gains in equity markets at the start of the year. After a challenging 2022, there was sharp rebound in riskier assets with investors seemingly taking a more bullish view of the world, particularly on the path of interest rates.
But beneath the shift, there were signs that the foundations of the “fear of missing out” rally might have been shakier than it initially appeared. They help explain the recent retracement of gains and why there are reasons for caution now.
Rather than being driven by stickier investments in traditional equities or funds, much of the rally was underpinned by factors such as the covering of short positions and a frenzy in US options activity.
您已阅读17%（799字），剩余83%（3792字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。