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Short rates have overshot
Plus the social media lawsuits
There is method in the market’s madness
But it relies on a host of rosy assumptions going in investors’ favour
Markets should pay heed to the affordability squeeze
Political pressure in response to public anxiety will demand policy responses
When financial and geopolitical waves collide
We are living in a ‘barbell’ world where international threat meets technological opportunity
We must be mindful of the risks of private credit
The sector remains untested in a severe or prolonged economic downturn
Interest rates are normal, the world is not
Given all this fragility, recessionary or inflationary shocks — or even both together — are conceivable