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3min chapter
Liz Truss's Ronald Reagan Moment
What Goes Up
What's Going on in the UK?
It's definitely sertaof what we would call a cross asset psychology. The driver, as it has been the entire year, is this now positive correlation between stocks and bonds. People got very, very afraid of buying bonds in an environment where there's still no concrete evidence that inflation, particularly in europe, has shown signs of topping. It really became a bit of a snowball, which is why, from our point of view, the bank of england had to act in a reasonably decisive manner. And a, obviously, the other big story of the week is a, sent a new low in the us. Stock market for this bear market, sn p 500 a closing at
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