US Dollar Vs. Junk Bonds, Commodities, And Emerging Market Stocks

US Dollar Vs. Junk Bonds, Commodities, And Emerging Market Stocks by Evergreen Gavekal For those properly prepared, the bear market is not a calamity but an opportunity.” — Sir John Templeton SUMMARY Stocks have rallied over the past couple weeks as (1) China drew down its foreign exchange reserves to stabilize its currency, (2) the Fed decided to delay its second rate hike, and (3) the Bank of Japan surprised the world with a negative interest rate policy. Some investors see these events as cause for celebration, but we see them as reason to be worried about global economic and…