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The Calm Before the Storm?

"Sell in May and go away" is a well-known trading adage, warning investors to sell assets and avoid the seasonal fall in stock markets through the spring and summer months. Unlike last year, when the "taper tantrum" triggered a sharp decline across global risk assets through May, this year we have not seen any kind of correction. Indeed, quite the reverse – equities and bonds have generally enjoyed a positive month and broad volatility measures have maintained their decline.

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