The markets are mercurial, but their tone has thoroughly changed – from the sky-is-the-limit bullishness that dominated only a month ago to a mood of heightened uncertainty and measured self-restraint.
Big shifts have taken place this month. Bonds have taken a beating but are becoming increasingly attractive. Stocks are no longer rocketing straight to the heavens. The dollar has strengthened and there are new reasons to worry about a steep increase in the price of oil.
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