By Philip Lawlor, managing director, head of global markets research
Equity markets have been rallying on the decisively dovish turn in Federal Reserve and European Central Bank positioning and optimism about the macro rewards such stimulus may bring. But, as highlighted in our latest overview of current macro conditions, we note a persistent mismatch between market expectations and incoming economic signals.
A challenging growth backdrop
Leading indicators and consensus forecasts suggest little to no improvement across the major economies next year. Current projections call for a sharp year-over-year slowdown in US GDP growth in 2020,