Markets were reassured that Japan's central bank will not raise rates in a volatile environment and that the U.S. economy isn't on the verge of a recession.
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For anyone waking up in a cold sweat, rest assured — it wasn't just a bad dream. Global markets did experience a, reassured by signals that Japan's central bank will not raise rates in such a volatile environment and that the U.S. economy isn't on the verge of a recession. But JPMorgan sees the recent turmoil as more than just a market anomaly. "Many market participants are dismissing the recent blowup of various crowded trades as a fluke or flash cash, but we see it as more of aThe financial giant believes that while the risks associated with the carry trade could resurface, the heavy losses investors suffered may temper its future impact, potentially preventing a full-blown market meltdown.
"Looking ahead, until the Sharpe ratios on the carry trades get high, we would not think these would be the catalyst for the next major correction," the firm said. "Instead, we see the reemergence growth risk as the likely trigger.", retail sales and jobs data may have provided some short-term reassurance, but investors are now turning their attention to Federal Reserve Chair Jerome Powell's upcoming speech in Jackson Hole, Wyoming.
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