The economic good times will roll on through the fall and investors should buy any serious market dips, especially the banks, said Talley Leger, investment strategist at OppenheimerFunds. 'Welcome to the Great Moderation 2.0,' said Leger. 'That's what we've dubbed the extremely favorable mix of conditions that characterize the current environment: supportive monetary policy, low interest rates, subdued inflation, and an economy that shows no signs of overheating.' In his view, this equity market rally may be one of the most unloved of our time. Even Brexit and the associated political instability in the UK - the fifth largest economy of the world - wasn't enough to derail the ongoing economic expansion. As to the future of interest rates, Leger said he does not have a specific or formal target for the yield on the 10-year Treasury. Still, he expects rates to stay subdued for the foreseeable future 'as long as the Fed has learned this valuable lesson and keeps rates low.'
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