The bond market is having some difficulty latching on to the reflation trade in a meaningful way.

Investors continue to pour money into emerging market equity funds: Flows climb to 25-week high

It is increasingly more difficult to become optimistic about economic growth or (closely related) the levels seen in domestic equities.

Sustained high levels in the complacency index were seen in the run-up to both the bursting of the dotcom bubble and the subprime crisis.

The latest GDP report seems, at first glance, on the right track. Dig deeper, however, and it’s clear corporate America is still not investing for organic growth, the only path to increasing economic productivity.

Nancy Pfund of DBL Partners is bullish on impact investing, but says large institutions and money managers need to do more to further the asset class.

The perception “is that there are a lot of risks out there and a lot of uncertainty.”