4th November 2022
AXA IM: Back to the 1990s
Investors’ propensity to hope for an imminent “dovish pivot” – although it was defeated again by robust US payroll data last week - reflects a habituation to the regime of the last 20 years, when central banks could come to the rescue of the real economy and the market, since their primary mission – price stability – was fulfilled irrespective of cyclical conditions thanks to powerful structural forces.
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