MORGAN STANLEY: 3 powerful indicators are reliable forecasters of future stock and bond returns — and 2 of them are flashing red
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That's why Andrew Sheets, the chief cross-asset strategist at Morgan Stanley, thinks investors need to shift their focus onto three different indicators — ones that can anticipate trouble well before it's reflected in pricing. "Because the Institute for Supply Management has been running it since 1948, the PMI provides a uniquely consistent, long-term measure of US industrial health, and plenty of data to help to gauge forward-looking implications," he said. "And at the moment, those implications are troubling."
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