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Jurrien Timmer: The Trade For A 2023 Recession

The Macro Trading Floor

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The Great Valuation Reset

This has been the year of the reset and the good news is that valuations are reasonable again, right? The 10-year treasury which today is at three and a half Was 4.3 not too long ago That was about 150 200 basis points real if you believe the tips market. On the equity side We've gone from a 30 pe at the top to a 15 pe at the october lows right around 17 18 right now. I think that means that the 60 40 which has been dead this year because neither one of the 40 or the 60 has worked will continue to perform.

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