Economic outlook from IMF/World Bank often doesn't correlate with markets. Tech companies and banks are making huge profits from market activity and chip delivery, unrelated to the 'real world' situation.

We've had awful PMI data from Asia and Europe, yet US markets are at record highs on a 10-day run for the S&P 500, one of the best on record.

Equity investors are focused on earnings delivery and AI return potential, not economic outlooks. Traders take IMF forecasts with a pinch of salt as they are often out of date.

We're in earnings season with strong bank results and tech firms like Apple, Meta, Amazon expected to produce stunning results, so investors are not too concerned.

The bond market is playing into equity's hands, going nowhere in tight trading ranges. Short-end rates are higher due to oil price/CPI concerns, while long-end yields are down on slowdown fears, causing a slight flattening.

This lack of volatility is perfect for equity traders who can ignore bonds and focus on global equities. This could change if military conflict re-engages, but for now people assume a peaceful solution.