Morgan Stanley Asks Who's Afraid Of The Big Blue Wave?

By Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley 

Thursday evening, at a client dinner in Europe amidst the maelstrom, the first investor question seemed like the most relevant: “Over the last several weeks, we’ve seen historic drawdowns in key factors like cyclicals and momentum, the type of price action that you usually see at the end of an economic cycle. So is it that…or a sign things are so extreme that we're now near the bottom of a major clearing event?”