Eye on the Market Outlook 2019

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The Decline of Western Centralization, Part I

 While the world’s largest economies are still growing, the longest and largest era of central bank intervention in history is coming to an end. For the first time in almost 20 years, demand for financial assets will be based on institutional and individual investors, with almost no help from central banks. Stocks and corporate bonds got cheaper during the fall selloff, but global growth and earnings revisions are rolling over now, and I don’t think the recent episode was just a run-of-the-mill mid-cycle correction.