What's unusual is not that we've had a 10% correction, what's unusual is how long it's been between corrections.
Still, could some deeper, longer-term correction be occurring?Since 2009, the S&P 500 has averaged gains of roughly 15% a year, well above the historic returns of roughly 10% a year.
If that is the case — and all or a good part of that excess gain is due to the Fed — than it is reasonable to expect that the Fed withdrawing liquidity and raising rates might account for a future period of sub-normal returns. They described their long-term outlook for equities as "guarded," noting that "high valuations and lower economic growth rates mean we expect lower returns over the next decade."
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