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"Trends
in inflation and corporate
profitability have had the largest
impact on S&P 500 valuations" -
Goldman Sachs
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00:01 - 23/04/25
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GS: Global interest rates
have only bounced from all-time lows
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Financial conditions have tightened significantly this year,
creating headwinds for the economy and risk assets.
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US
economic data has been surprising to the downside while Euro
area data has been surprising to the upside, per Goldman.
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As a
result of a steepening yield curve and rising rate
volatility, we may also see a secular rise in equity
volatility that may last 1-2 years.
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