Flatness and what breeds beneath

Markets remain convinced that macro risks are not worth worrying about. Nor market risk, such as the growing exposure of investors to lower-rated assets of questionable liquidity. And geopolitical shocks, despite their increasing cadence, have proved equally easy to brush off. This is all helped by the proactiveness of central bank’s. But stability has also been maintained because we haven’t yet seen a real “shock”. These periods of stability can’t last. Sandpiles always collapse.

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