The markets are on a tear convinced normalisation is around the next corner. Yet they ignore the reality the Iran war has done significant damage to the global outlook – even if Tehran and Washington kiss and make up tomorrow. I don’t claim to understand the madness of markets and their ability to keep fooling themselves, but I do follow economic history and how events change outcomes.
Markets are thriving, but the news tone is miserable.. how does that happen? Markets aren’t pricing in a rising tide of political friction, plus rising inequality of wealth and opportunity – but these things ultimately matter.
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