The past few weeks have been replete with drama – oil price surges, repo market disruptions, and even US Presidential impeachment inquiries. Stock markets have stumbled but a more objective measure of market risk, the Macro Hive Risk Barometer, suggests we are far from ‘risk aversion’. Certainly, risk has increased, but we are not in the same territory as early August, when our measure was clearly in ‘risk aversion’ territory (Chart 1)…
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