Risk appetite shifts to neutral... five past instances saw different market trends
Original headline위험 선호 중립 전환…과거 다섯 차례, 시장 흐름 달랐다
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Variant Perception’s macro risk indicator shifted from strong risk-on to neutral, a transition seen only five times since 2000—in 2000, 2007, 2010, 2015 and 2018. The research firm advised clients to cut equity exposure and rotate into bonds and cash. It flagged 2000 and 2007 as the prior instances that delivered major market shocks, when rising inflation made it hard for central banks to cut rates and supply liquidity; the 2010, 2015 and 2018 episodes were characterized as corrections. The signal matters because it marks a broad de-risking call from a macro research shop after a strong risk-on run. What to watch next is whether inflation constraints again limit central-bank easing and whether the earlier correction-type episodes repeat rather than the 2000/2007 shock pattern.
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Variant Perception, MarketWatch