“Frankly, we can’t remember a period in which an effective market forecast was ultimately so dependent upon effective political forecasts on both sides of the Atlantic. Until greater clarity is achieved regarding almost existential questions about the global-financial system, it appears that retail and institutional investors alike will be content to suffer the potential of negative real returns from bonds rather than the potential of large absolute losses in stocks.”

I highly recommend reading this brief piece, if you’re trying to get some sense of your bearings in this turbulent market.