Wall Street Rewrites Market Playbooks for Pandemic’s Second Wave
- Traditional views of stocks and bonds no longer work
- Foreign exchange trading has seen extraordinary moves
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As the world braces for a second wave of infections from the coronavirus, stocks are priced for a booming global economy, bonds point to a protracted downturn and currency volatility is rising.
Investors are increasingly uneasy with these conflicting signals among asset classes, but they are also resigned to them, and have adjusted their playbooks accordingly.