The Fed Put Is Dead: Why Stagflation & a Bear Market Are Next | Vincent Deluard | StoneX

The global economy faces a transition from a bull market to a secular bear market, characterized by stagflation and the exhaustion of fiscal and monetary support. Vincent Deluard, Director of Global Macro Strategy at StoneX, highlights that two-thirds of U.S. stocks are trading below their 200-day moving average, signaling a broader market decline. While the Federal Reserve remains constrained by sticky inflation and slowing growth, fiscal policies that previously bolstered corporate earnings—such as tariff reversals and accelerated depreciation—are set to expire. In Europe, France faces a deepening debt crisis, where the Euro must depreciate to restore competitiveness, a process likely to unfold through political chaos rather than orderly reform. Meanwhile, Latin American markets remain driven by terms of trade shocks, with Brazil’s recent election signaling a broader political pendulum swing amid persistent economic constraints.