Macro Strategy Views: Why equities are not expensive
The reflation theme is broadening, with higher yields and steeper curves. However, is the recent financial performance as good as it gets and how do future risks compare with current market pricing and thereby expected return? We argue that equities are not expensive and discuss the link between interest rates and equities. The vaccine and the Fed are set to drive risk premiums and returns across assets. Global Head of FI&C Research Thomas Harr chairs today’s podcast and he is joined by Senior Equity Strategist Bjarne Breinholt Thomsen