sebastienpautrot

26 January 2025 Markets are facing a pivotal moment. Optimism over the prospects for the United States in 2026 remain euphoric. As we noted last week, equity investor sentiment is near bullish extremes according to Bank of America’s survey and cash levels in mutual funds are near cycle lows (3.3%). However, near term growth momentum appears reliant on the fiscal impulse, wealth effects (asset prices) and business investment (AI). The pace of technology investment is already brisk and is...

19 January 2025 It is only three weeks into the year, and it has already been an eventful one for the world and markets. Investor sentiment on equities has reached a near record bullish extreme according to Bank of America’s Bull & Bear Indicator (9.3 out of 10). Cash allocations in mutual funds have also fallen to a record low of 3.3% (a sell-signal). By contrast, investor sentiment has turned bearish on US Treasuries (higher yields, lower bond prices) driven by shifting views about the path...