The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
Financial markets have witnessed a dramatic change that is overturning the consensus trades that dominated until early February of this year.
Falls in US stocks and their under-performance relative to other countries reflect a remarkable turnaround in investors’ views about the economic outlook for America and Europe — and to a lesser extent China. What is less clear is whether the resulting mix of all this is favourable or unfavourable over the longer term. And that matters a lot for global wellbeing, inflation and financial stability.
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