- We believe less Fed intervention will prove to be a long-term positive for the economy and markets.
- We expect volatile, rotational markets during this mid-cycle phase of the U.S. economic cycle.
- China is facing growing pains that could stoke macro uncertainties, but they have weathered ups and downs before.
- Historically, equity markets have rallied coming out of sideways-moving markets characterized by rising long-term bond yields (as in 1994).
- Equities remain attractive in our view, particularly growth equities. Equity P/Es have typically been highest when long-term interest rates are in the 4-6% range, and the global economy is expanding.
- Income-oriented investors should approach government bonds with caution; high-yield debt, convertibles and dividend growth stocks may be more compelling.
Calamos Releases Quarterly Global Economic Review And Outlook July 2013
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