Still Comfortable Being Uncomfortable

T. Rowe Price
By January 14, 2020 09:35

Still Comfortable Being Uncomfortable

The era of micro cycles and disruption is set to continue in 2020.

Equity markets continue to fascinate and surprise, with the one constant being a backdrop of uncertainty, driven by a cycle that keeps defying “the rules.” 

Expectations of reflation and recovery, spurred on by U.S. tax cuts in 2018, quickly faded into a gloom of anticipated recession by mid‑2019, creating extreme investor positioning and especially in the valuations of defensives and cyclical stocks. Just as consensus fixed on trade and economic “crisis,” optimism was once again rekindled by a soothing policy response. The net outcome of this “cycle in a calendar year” is that global equity markets (measured by the MSCI All Country World Index in U.S. dollars) delivered +27.3%.1 Quite some rebound from the panic in December 2018.


T. Rowe Price
By January 14, 2020 09:35


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January 2020