JPMorgan On The Biggest Surprise 'Tail Event' That Nobody Is predicting

The “macro” is fading – the last several years have seen markets swing violently in reaction to a succession of tail-events and while future problems are a certainty there seems to be too much of an eagerness to search out the next big “macro” event. At this point the next big “tail event” could be an extended period of no tail events.

To some extent, this is the story of the past few years. Ever since the financial crisis, we've seen a series of expected blowups that never materialize.

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