Emerging Money Daily Audio Call July 21 – A transitional rotation into equities continues to unfold as risk free rate move sideways and earnings yields improve.
Equities however, head into next week near all time highs with complacency also running on a relative basis near all time highs.
The ECB and BOJ this week did not deliver the Tough-love they will ultimately have to do. Currency markets however are adjusting as we speak. As yields near another bottom of the cycle moment it’s time to see central banks increase the rhetoric next week putting pressure on stocks.
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