The writer is co-global head of investment strategy for JPMorgan Private Bank
Market narratives tend towards extremes. Is the US an unstoppable economic power or a cautionary tale of debt and dysfunction? The truth, as is so often the case in investing, lies somewhere in between.
Investors face considerable policy uncertainty from a new US administration. The public debt and deficit have risen dramatically, and pending legislation would likely exacerbate the trend. As the dollar has weakened and long-term bond yields have risen this year, we’ve heard growing calls for investors to slash their exposure to US assets.
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