Equity market investors are at a loss about the new characteristics of economies

In the r ecent period, the functioning of some economies (we will take the examples of the United States and the euro zone) is very different than in the past: No inflation, even at the end of expansion periods, due to major pressure o n the labour market; Accordingly, interest rates that remain very low; Continued strong corporate profitability, due to the small acceleration in labour costs and the fall in interest paid on corporate debt. It is interesting to see that: Bond investors understand this new functioning of economies ; But equity market investors are still at a loss about this new functioning .