Bloomberg Businessweek|March 02, 2020
In recent years the metaphor trotted out over and over has been that stocks are “climbing a wall of worry” as investors dismiss threat after threat, be it the European debt crisis, the trade war, or escalating tensions between the U.S. and Iran. Central banks such as the Federal Reserve, entrusted with the power to set interest rates and buy assets, are viewed as the Sherpas who help investors make this climb. The problem at the moment is how to view the potential damage from the novel coronavirus now that the illness is spreading to countries beyond China. Is this just another row of bricks in the wall of worry, just waiting to be scaled by intrepid financial rock climbers? Or are we confronted with an unforeseen layer of razor wire that’s insurmountable, even with the help of the strongest Sherpas?
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March 02, 2020