I am writing this week's blog post from the PartnersFinancial Fall meeting in Chicago. For a few weeks now, I have been writing about the complacency in markets surrounding global economic conditions and monetary policy. On Friday of last week, we saw the beginning of a repricing of assets from stocks to bonds and commodities. Asset prices fell sharply on Friday as concerns that central bankers may be starting to pull back on the asset purchases that have driven valuations up over the past few years.
I expect the trend to continue for the next several weeks and would remain cautious on asset prices until valuations look more attractive.
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