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"The world’s biggest hedge fund ... warned that global markets are entering a new era of volatility as the world adjusts to higher interest rates after a decade of ultra-loose monetary policy," the Financial Times reports on the front page.
Why it matters: After Wall Street's worst week in six years, the FT pointed over the weekend to "The end of an era of tranquility" and the beginning of "The age of instability."
- Bob Prince, co-chief investment officer at Bridgewater, said last week’s turbulence is set to continue: "There had been a lot of complacency built up in markets over a long time, so we don't think this shakeout will be over in a matter of days. ... We'll probably have a much bigger shakeout coming."
P.S. "New Tax Law Haunts Companies That Did ‘Inversion’ Deals,'" per Wall Street Journal front-pager:
- "Companies that engineered ... inversion deals ... have been able to reduce their tax rates and take certain deductions by shifting their tax homes to other nations. ... [P]rovisions in the new tax code restrict some of those deductions."