David Rosenberg: this is a “Potemkin market”

You need only look at the global bond market to see that we are in unprecedented territory, says David Rosenberg of Gluskin Sheff.

David Rosenberg, chief economist and strategist for Gluskin Sheff © Misha Friedman/Bloomberg via Getty Images

(Image credit: David Rosenberg, chief economist and strategist for Gluskin Sheff © Misha Friedman/Bloomberg via Getty Images)

This is a "Potemkin market", says David Rosenberg of Gluskin Sheff it might look normal on the surface, but dig deeper and it's anything but. Even "after ten years of free money" from central banks, "we are stuck in a deflationary debt trap", the oft-bearish analyst argues. This unpromising, disinflationary backdrop has helped to prop up equities, but only because low interest rates have enabled companies "to buy back their stock in droves and mask a downturn in corporate profits".

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