Allison Schrager, Columnist

Market Volatility Is About to Make a Comeback

A transformative period may be imminent for the US and global economy — and it will bring more risk.

June 13, 2024 at 10:00 AM UTC

Allison Schrager is a Bloomberg Opinion columnist covering economics. A senior fellow at the Manhattan Institute, she is author of “An Economist Walks Into a Brothel: And Other Unexpected Places to Understand Risk.”

Another hectic day.
Photographer: Mauricio Lima/AFP

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The last 15 years have been a magical time for the stock market — but don’t count on it lasting. While US stocks may indeed have the bright future markets currently predict, the cost of growth will be more volatility.

Since the financial crisis, simply investing the S&P 500 has offered great returns and fairly modest risk. Other than the odd bad months (especially around the pandemic), there have been long periods of smooth and steady gains.