A couple of months ago, warning about a bubble in the world’s most important stock market was largely the preserve of oddballs and attention-seekers. Uttering the B-word is the financial markets equivalent of shouting “fire” in a crowded cinema, and it is generally used sparingly.
But as with so many aspects of life in 2025, it turns out you can get used to pretty much anything. And all of a sudden, the warnings are coming from all sides. The whole point of financial stability reports is to warn about stuff that might go wrong in the future but probably won’t. Even so, the latest missive from the IMF last week was bracing.
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