Can we rotate back to EM? Macro Economic Research May 2013
Please refer to the disclaimer at the end
Poor economic data continues to be ignored by US equities in this policy-driven market
Economic activity seems to be slowing rapidly
the charts below show trade volume indices for the USand for Asia. YoY changes very rarely fall negative in a normal economic environment.The divergence between the S&P500 and the change in trade volumes is striking, emphasizing what wealready know
monetary policy is by far the dominant factor in risk asset pricing.