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Beware the Growth Scare - Nucleus Investment InsightsDepending on where you look, the economic recovery is either on track or in trouble | Finance & economics. We view the Fed easing cycle as policy normalisation, not labour market rescue. However, the risk at full employment in an environment of low. In growth shocks, as stocks fall, bonds rally and tend to support portfolios. That relationship was challenged in recent years by high inflation and the rate.