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The arrival of Omicron seems to have had two relatively predictable effects on financial markets.
The long bond has rallied and the yield curve has flattened.
As regards equities, the P/E multiple on the S&P 500 is no longer rising; it is, in fact, contracting slightly, as is the valuation of the MSCI World. Trailing earnings are now rising at a much slower pace, even moving sideways.