Typical clickbaity headline:
Author answered different question (but, you know, editors like nice, catchy titles!). Here are the three broad candidates:
- growing worries over the US economy;
- a potential “Sputnik moment” in Europe (Germany fiscal policy + European financing)
- and hints of a more determined policy response from China.
Belief in American exceptionalism has been eroded with not only US shares dropping but bond yields falling on growth concerns and the dollar weakening.
"Having dealt with a whiff of stagflation, markets are suffering a good old-fashioned growth scare due to a significant bout of US policy volatility"
U.S. policy volatility:
The worry is that the bumpy journey may lead to a different, less favourable destination. The recent bout of US unpredictability risks robbing the US of one of its important and differentiating “edges” — long-term investor confidence in policy framework and decision making.
OK. Still, pretty awful graph for American exceptionalism:
Saw two other charts today (from Nate Silver's publication) that look precisely like a bitcoin chart (#908702):
Interesting times. Money/liquidity rules everything around me.
non-paywalled: https://archive.md/occK2