Latest Forecast from BCA:
- The monetary tailwind for global equity prices is strengthening, but the earnings support is weakening.
- It might be necessary to inject more fiscal policy into the mix to rekindle activity.
- Learned behaviors are still supportive of risk assets and more QE in Europe/Japan can be expected.
- Even if the Fed does raise rates in December we doubt more than one or two more will be in the cards.
- Stay neutral on equities, but position defensively and remain long duration in the bond markets.
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