Why this is a bear bounce & not a new bull market, GS explains

Low valuations is a necessary, although not sufficient, condition for market recovery, it said, adding that getting close to the worst point in the economic cycle, reaching a peak in inflation and interest rates, and negative positioning is also important.The recent rally, Goldman Sachs said, was largely a reflection of growing confidence that inflation is reaching a peak and that the peak in the interest rate cycle (or the Fed pivot) is closer at hand than previously feared.