The big up-and-down swings lashing equity indexes of late are being driven by stock investors rushing to adjust for risks that the corporate bond market sussed out months ago.
That’s the view of Mike Lewis, head of U.S. equity cash trading at Barclays Plc, who attributes the sudden runup in share volatility to equity traders finally coming to terms with the end of free-flowing stimulus from the Federal Reserve. It’s something credit markets started to take into account in September, suggesting the process has further to run elsewhere.
Stock Market Turmoil Shows Credit Traders Got It Right Early On - Bloomberg
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