“Things are seldom what they seem, skim milk masquerades as cream.”

W. S. Gilbert

Seems like the adage “anything that can go wrong will go wrong” has been turned upside down by Mr. Market. Despite rising interest rates YTD, US equity market has continued to climb a wall of worry. Central banks’ data dependence, declining inflation, high nominal GDP growth, EPS recovery & AI frenzy – what more could go right!

Given this uncanny backdrop, in our latest market insights, we try to uncover what Mr. Market – “wisdom of crowds1” – might be up to as we cover the most pressing topics on investors’ minds & give a sense about portfolio positioning.

▪ What are the key takeaways from YTD price action.
▪ What is US equity market signaling.
▪ What is the driver of US economic surprises.

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