Although 57.4% of investors, according to the AAII survey, expect that the mere talk of new trade policies may be sufficient to slow growth and increase prices, investors have not yet turned their back on the stock market. The uncertainty about where US trade policy is headed, however, is troublesome. A serious escalation in the Skew index, which measures the tail risk of significant deviations from average returns, has now occurred, perhaps because the cash levels among professional money managers are near 15-year lows. The S&P 500 took a breather last week, declining 1.6%.
A Macro Market View by Hubert Marleau
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