Over the past several months, investors have braved growing risks such as political upheavals, likely global trade wars, and earlier-than-expected Fed hikes. As a result, credit spreads are now at multi-year tights, equity multiples are well above historical averages, and volatility is near pre-crisis lows as investors continue the dance. But is the risk rally now poised to end? “No and no,” Barclays asserted in a note released March 23. The British bank’s optimism is based more on a visible global upturn, and much less on the gloom in the U.S. on account of policy debacles. Barclays thinks risk assets can continue to go up.

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