Bond markets have beaten equity markets at assessing coronavirus known unknowns

The coronavirus outbreak and subsequent market panic has turned investors into Donald Rumsfelds—attempting to price the ‘known unknowns’.

A few weeks ago—even as news of coronavirus spread—equity investors were celebrating as stocks powered to new highs, driven by the performance of US tech stocks. Since then, every equity market has fallen, and fear-stricken investors have fled to haven assets.

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