Watch out ? Risk perception is now very low

Edito The week just ended confirms the resilience of the markets, with a risk-on consolidation. The cross-asset and geographic dispersion still suggests some uncertainties related to a noisy news flow (on the pandemic and inflation in particular). our Risk Perception Index has reached very low levels now (at 15%) not seen since January 202 0 . And certain segments of the equity market suggest a clear exuberance (IPO, SPAC and green indexes up by more than 15% already YTD ). Is this sustainable? We believe so , as long as the narrative recovery and the central banks dovishness remai n in place (we'll follow the Fed minutes) . That said, we can probably expect more volatility ahead .