全球市场展望_周期顺风，估值逆风-Global Market Views_ Cyclical Tailwinds, Valuation Headwinds

19 February 2026 | 4:42PM EST Economics Research Global Market Views: Cyclical Tailwinds, Valuation Headwinds 1. More room for the cyclical rotation. The landscape is characterized by sturdy macro news but increasing signs of fragility in markets. At a broad level we think this contrast reflects that it is later in the market cycle than in the macro cycle—so there is a tension between 'hot valuations' in pockets of equities and credit, and an economy that is getting stronger, with growth likely to be helped ...