ANALYST: If There Isn't An Economic Boom, Then There Can't Be An Economic Bust
It's an optimistic take on lackluster global growth.
From Oppenheimer's John Stoltzfus (emphasis theirs):
"It is our opinion that the Federal Reserve (as well as the ECB) is less likely to take a misstep in anticipating a change of rates so long as the Fed and the ECB maintain the level of vigilance that they have had in place over the past few years since the Great Crisis... We believe that a slow growth environment coming out of the Great Crisis is best for the economy, the markets, and their respective constituencies. It is our opinion that a modest expansion is preferable to a boom anytime as every boom we can recall in the last three decades has led to a bust of some kind. 'No boom, no bust!' is our mantra for now."
The note comes after meetings with investors in the U.K. and Europe, which the firm said reflected "nearly universal" acceptance by investors that international markets are interconnected and interdependent.
"Ironically, this acceptance among investors has arrived at a point when political leaders in Asia, particularly Russia, China and Japan appear to be embracing with increasing fervor nationalist and regionalist objectives with regard to trade, border and mineral rights disputes," said Stoltzfus. Read more about those stories here and here.