The price implied in Dimon’s scenario is roughly the index’s peak from 2018, the year when former president Donald Trump’s corporate tax cuts took effect and an equity selloff forced the United States Federal Reserve to end rate hikes.
Falling interest rates had “been great for valuation multiples and we’re unwinding all of those,” Michael Kelly, global head of multi-asset at Pinebridge Investments LLC, said on Bloomberg TV. “We’ve had easy money for a long time and we can’t fix all of that very quickly.” “We had a period of a lot of liquidity. That’s different now,” said Willie Delwiche, an investment strategist at All Star Charts. “Given what bond yields are doing, I don’t think you can say a 40-per-cent peak-to-trough decline is out of the question.”
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