TD see the market’s “wall of worry” surging in coming weeks

TD outlook on equities in the weeks to come, this via eFX

“We see the market’s wall of worry rising a bit higher in the weeks ahead. 

  • Inflation surprises sit at cyclical highs against a backdrop of underpriced volatility and a pause in our high-frequency global mobility data. 

Plus, there’s a clear division on how market participants think the Fed should (and will) respond to inflation”

  • We expect the Fed to lean through the spike, 
  • though others think they need to get on with tapering and will hike sooner than expected. 

These uncertainties reveal a market that’s unlikely to remain complacent for much longer, resulting in another test of the Fed pricing. Geopolitical flareups are also on the rise” 

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