The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
The American stock market has been on an extraordinary ascent, buoyed by investors’ faith in robust corporate balance sheets, surging earnings and a vision of future productivity gains.
This exuberance has been underpinned by an economy that has proven remarkably resilient in the face of unusual policy-induced volatility. Yet, with most traditional valuation indicators now flashing amber, the path forward hinges on a delicate interplay of economic and financial influences.
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