Wall Street Doom Prophesy Falls Flat on Hottest Rally Since 2016
- Major assets are enjoying harmonized gains amid solid growth
- Memecoins are back while the credit supercycle is powering on
The last few years of gravity-defying markets have proved unkind to the pundit class.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
In the telling of Wall Street worrywarts, as 2023 drew to a close, the biggest financial markets on the planet were heading into the danger zone.
After a ferocious fourth-quarter rally, the fate of the S&P 500 rested on just seven companies with doubtful earnings prospects. Infamous hedge-fund trades were threatening to destabilize the already unstable Treasury market. Trillions of dollars in debt were coming due while consumers were running out of pandemic-era savings fast.