Notebook: inflation still the greater risk

Michael Hartnett. Chief Strategist at Merrill Lynch, has been pointing out for some time that we were approaching what statistically will be the "longest ever bull market" for the S&P500. That moment, on his and other definitions,  has finally arrived. Not everyone agrees however that this simple statement is in fact correct, nor that it has any real significance (a sentiment with which I am minded to agree).

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