China’s reopening, lower energy prices and cooling inflation reinforce our longterm positive view on equities. Yet we think market optimism has come too soon. Stocks paused their rally and bond yields steadied after recession worries returned. We think we are starting to see damage from policy overtightening. We’re watching global flash PMIs this week for signs of recession and look to the U.S. PCE report to see how services spending is affecting core inflation.
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