History Tells Us Not To Own Equities Right Now
Our systematic tracking of economic and financial conditions paints a bleak picture for US equities. Commodity strength remains unrelenting in aggregate; however, we see areas of the commodity complex begin to weaken. Nonetheless, the fundamental backdrop remains where the growth impulse is negative, and inflation remains resiliently high. Markets continue to price these dynamics on a trending basis, with market discounting high nominal growth and tight liquidity conditions.
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