Global equities gave up some of the previous week's strong gains. Investors remain sceptical about the Fed's ability to moderate inflation without pushing the US economy into recession. It is interesting to note that the idea of a "bear market rally" appears to be relatively consensual, as evidenced by the number of press articles mentioning the term. The consensus is very rarely right at major market turning points. How can we interpret such a strong consensus? That the bear market rally is already over (in other words that it didn't really happen)? Or that the bear market is now behind us (we are at the beginning of a new bull market)?
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