Why the stock-market rally may be nothing more than ‘wishful thinking,’ according to Morgan Stanley CIO

Listen to the bond market.

That is the advice from Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, warning that recent resilience in stocks could be “nothing more than a bear-market rally, fueled by wishful thinking and excess liquidity,” in a Wednesday client note.

“After a volatile first quarter, U.S. stock and bond markets have been telling differing stories,” she said, pointing to continuing steep losses in the…

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