“Something’s Gotta Give” : US Risk-Asset Valuations Are Misaligned with Reality

By Peter Cecchini

24 June 2020

In this paper we discuss:

• How policy distortions create opportunity … eventually;
• How US equity and credit markets are sending different signals;
• Our new new equity risk-premia model;
• How a wave of corporate defaults is coming; and
• Why a pricing reversion is likely to occur prior to further policy response.

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Download PDF: R&RwC – Risk Assets – June 2020