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Real Vision: Finance & Investing
Beneath the Surface: Risk Premium Expansion with Andy Constan
Sep 11, 2023
Andy Constan, CEO of Damped Spring Advisors, discusses rates, bond issuance, and asset prices in the global macro landscape. They analyze inflation predictions, rate hikes, market volatility, dislocation of bonds, and the stimulative nature of hiking interest rates. They also mention the 'Crash or Boom' series and upcoming guests.
35:00
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Quick takeaways
- The upcoming inflation numbers and a Fed meeting are key focuses for the market, with expectations of potential rate hikes by the end of the year or early 2024.
- The normalization of risk premiums is causing yields to rise and bond prices to descend, impacting the relative value of bonds and stocks.
Deep dives
US Equities and Risks Ahead for the Economy
Despite a rocky period for equities, the NASDAQ managed to gain over 1%, partly due to JP Morgan CEO Jamie Diamond's bearish warning about the US economy. The upcoming inflation numbers and a Fed meeting are key focuses for the market. The significant sell-off in the long-term bond market since August has resulted in capped multiples for equities and a few percent decline. However, there are concerns about the disconnect between recession expectations and high earnings growth projections for 2024 and 2025.
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