2021 October Monthly Market Outlook
Slower Growth Isn't the New "Down"
Roughly 18 months after the low point for global economic activity, COVID-19 is sharply weakening as a driver of economic activity. So too is the “snapback” from depressed conditions.
Not every shock beginning in China is created equal. Unwinding Evergrande is unlikely to pose systemic risk in China, much less the world. Global markets face a shift in macro policy away from easing, consistent with slower growth. A property-led slowdown in China’s economy could be felt globally. However, the Evergrande headlines came at an unfortunate time, exaggerating its particular importance