Stocks Need A Pause As Macro Risks Catch Up

Bloomberg macro strategist, Michael Ball, warns that it’s starting to look like the S&P 500 needs to cool off while the macro backdrop catches up, which fits the growing sense that equities need a consolidation phase after a historic rebound.

The index is up more than 10% since the recent rally began and back at all-time highs even as oil, real yields, rate volatility and CDX high-yield spreads all sit above pre-Iran shock levels.