
Trump 'put' shifts to bonds—expect softer US stocks, outflows to RoW; buy-the-dip less effective near term.
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In recent weeks, macroeconomic forces have exerted a far greater influence on equity markets than fundamental factors. This divergence prompts us to share our medium-term perspectives and observed structural shifts reshaping market dynamics
The recent sharp correction in the US equities could be attributed to many different catalysts. From the macro perspective, we have -
1. Growth scare/recession fear (key concern at the moment)
DOGE affecting government spending
Government shutdown risk
Illegal immigrants leaving the labor market
2. Inflation risk
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