Nothing to Fear but Fear Itself?

Financial markets have taken a dramatic turn for the worse this week, with stock markets selling off sharply and generally indiscriminately across the globe. The MSCI All-Country World Index is down 6% since last Wednesday, with stocks across Developed Markets (DM) and Emerging Markets (EM) registering like-sized declines while all industrial sectors are in the red — and market interest rates retesting their record low levels amid safe haven demand for bonds.

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