The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
The American stock market has been on an extraordinary ascent, buoyed by investors’ faith in robust corporate balance sheets, surging earnings and a vision of future productivity gains.
This exuberance has been underpinned by an economy that has proven remarkably resilient in the face of unusual policy-induced volatility. Yet, with most traditional valuation indicators now flashing amber, the path forward hinges on a delicate interplay of economic and financial influences.
您已阅读12%（569字），剩余88%（4223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。