The writer is chief economic strategist at NetwealthAre financial markets pricing sufficiently for future risks? Measures of financial market volatility suggest not.
There are different measures of market volatility. Occasionally, they move the same way. This is often countercyclical, when the economic environment is stable and the political and policy outlook is clear and predictable.
Shocks, likewise, can have a similar effect, usually triggering rising volatility. Then the policy response may lead asset classes to behave differently, both in direction and volatility.
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