Fidelity Sees a Return to Bear-Market Lows
What Goes Up
Bond Market Reset
The bond market has largely reset itself. We went from 1% long yields to, you know, over 4.3. But for the stock market, when you look at historical cycles, there are some cycles where all of the reset in the market was a valuation component. And by the time earnings maybe did start to fall, enough of it was discounted that the market actually was able to rally because price generally bottoms before earnings.
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