The economic rebound from the virus lockdowns proved much stronger than anticipated, with Citigroup Inc.’s surprise index soaring to record levels in the past few months.
But as the third quarter ends, the pace is flagging, and better-than-expected data are becoming rarer.
“We probably just saw the best economic data in terms of surprising on the upside that we’ll probably ever see in our lifetimes,” Emily Roland, co-chief investment strategist at John Hancock Investment Management, said last week. “Now things are coming back down to Earth.”
Source: Bloomberg Pro Terminal
Chart: Used with permission from Bloomberg Finance L.P.