A Deep Dive into 1945; Recovery Expectations Persist

By Lori Calvasina
Published May 23, 2023 | 8 min listen

Two big things you need to know from today's podcast: First, we took a closer look at stock market performance and economic data around the recession of 1945, the only time since the Great Depression that the stock market didn’t fall as a recession took hold. We continue to think that this period provides useful lessons for how to think about the current macro backdrop for US equities and helps to explain the resiliency of the S&P 500 this year. Second, the theme of recovery continues to jump out to us in a number of the higher frequency stats that we’ve been tracking, adding to our belief that the recent resiliency in the US equity market has been justified.

Disclosures and Disclaimers


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Lori Calvasina

Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets


Lori CalvasinaMarkets in motionRBC podcastUS equity market

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