“ ‘We definitely feel that the markets are way ahead of reality. We really are telling every client to tap the market if they can because we think the pricing now couldn’t get any better.’ ”
That’s Manolo Falco, Citigroup’s C,
“As the second quarter comes along and we start seeing the pain, and the collateral effects of that,” Falco continued, “we think this is going to be much tougher than it looks.”
To his point, last month wasn’t so tough, in terms of market performance. The Dow Jones Industrial Average DJIA,
This while global economies continue to grapple with historic recessions.
“Markets are pricing a V [shaped recovery], everyone’s coming back to work, and this is going to be fine,” Falco told the FT. “I don’t think it’s going to be that easy quite frankly.”
Read:CNBC’s Jim Cramer says a quick recovery is ‘tough to bet on’
