Financial markets are sleepwalking towards a crisis

“The most notable thing in the financial markets today is the absence of anything notable,” says’s Free Exchange blog. There have been very few sudden or significant moves for a long time now.

The S&P 500 has gone 468 days without a correction, defined as a drop of 10%. That, notes Société Générale, is the fourth-longest period since 1970. Since 1969, the S&P 500 has dropped by 1% or more 27 days a year on average. In the past year, there have only been 19 such days.

“The market’s been lulled to sleep,” says [...]

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