eFXdata reports that Bank of America Global Research argues that the growth peak has likely passed.

"Economic recoveries are usually followed by corrections…Looking over the past 90 years, we find that every economic recovery has run into a substantial drawdown at some point in the first two years following troughs in US GDP, with the S&P 500 falling an average of 18-20%, and only one episode below 10%. Given this regularity in recovery dynamics, is history bound to repeat?, And peak growth with early tapering is increasing risk. Furthermore, the recovery in risk assets has already matched or exceeded those of the first two years of previous recoveries in half the time. With this confluence of risks and how fast and far markets have gone, caution seems warranted," BofA adds.