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“Our Clients Have Given Up On Valuation As A Metric”: Why Matt King Expects A 30% Market Crash

For all the recent concerns about an “imminent” nuclear war with North Korea (not happening, according to the head of the CIA), which prompted a stunned reaction from Morgan Stanley which earlier today observed the “70% rise in the VIX index over three days, 2% drop in global equities, and more than a few holidays disrupted”, leading it to conclude “Well, That Escalated Quickly“, the market continues to ignore the real risk: the upcoming central bank balance sheet taper which will have a dire and drastic impact on markets according to Citi’s Matt King:

Markets seem optimistic that central bank plans to modestly reduce their support for markets in coming months can be achieved without disruption. We are not convinced.

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