Butler (Wellington): “It’s time to be agile between bonds and shares”

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Recession, inflation, volatility. The picture drawn by John Butler, macro strategist of Wellington Management, would seem to leave little room for optimism.

How can we move on the markets?

We need to be very agile because economic cycles will be more frequent and the correlations between financial assets will be less clear-cut. There will be a positive relationship between stocks and bonds and they will no longer offer alternative hedges. Central banks also have a long way to go…