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Simon Goodfellow
Harlyn Weekly Strategy Note September 27 2017
If we understand Janet Yellen correctly, there are no constraints in the real economy which critically affect the speed at which US interest rates can rise. But there must be a critical constraint, and we believe it is the requirement not to upset the low volatility environment in US equities. If we are right, the Fed wants an environment where single digit returns from equity are seen as risk-efficient, and a correction does not turn into a bear market. If they manage this, the bull market can carry on, but it will be walking not charging.
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Harlyn Research LLP
Harlyn Research LLP
Harlyn Research designs tactical asset allocation systems for professional investors. We work with institutions, wealth managers, and private banks to create high-performance, low-risk investment strategies. Our products cover asset allocation, equity region selection and sector rotation models, all of which can be tailored to a variety of benchmarks.
Simon Goodfellow
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