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GWS Equity Insights


/ 12 Abr 2019

In Central Banks We Trust

The two questions we receive most often are: 1) Why are global equities continuing to rally despite disappointing economic data, and 2) Why are earnings being revised down in every region we follow? Those who are bearish point to the action in the bond market where the recent drop in yields and inversions in parts of the US Treasury curve suggest that the dovish pivot is too little, too late. In our view, the equity markets are looking through the current soft patch and have faith that the dovish reversal from global central banks as well as Chinese stimulus will halt the slide in growth and reverse the deterioration in earnings expectations. This current period could be somewhat like 1994 or 1998 where the Fed provided mini-easing cycles in the midst of the longer-term tightening period due to volatility that came from outside the US.

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