SFY - The Next Recession: Is MMT Inevitable?
In 2019, virtually every asset class around the globe added value. The S&P 500 returned a stunning 31.5%, the highest return since 2014, despite numerous headwinds that included fears of recession, negative interest rates in Europe, repo market disruption, record levels of debt, an inverted yield curve and the slowdown in global growth. Offsetting these factors, the Fed shifted policy dramatically during the second half of the year and other central banks, namely the Bank of Japan, European Central Bank and the Bank of China, also eased policy, with market valuations largely driven by the