As analysts continue to contemplate the uncertain future — and wait for Wednesday’s inflation data — it seems that the market’s recent wild swings have not significantly swayed bullish sentiment. US benchmarks recorded their biggest two-day rally since 2016 following last week’s plunge, and bullish sentiment, as measured by Market Vane, only dipped to 70% from 72% during the pullback, according to The Street.

But the famously bullish president of Goldman Sachs’ Global Markets Institute, Abby Joseph Cohen, told Bloomberg that there are reasons to be cautious.

“You need to have valuation support to be at sustained high levels [in the stock market],” Cohen said in a Bloomberg Radio interview. “Several years of ongoing profit growth and no recession” are priced in to the recent highs, she said.

Goldman strategists “remain concerned about fixed-income.” Bonds “will be rising in yield,” she added, “not just in the US but around the world.” The recent drop in bond prices “should not have been a surprise to anyone,” she continued.

Recent tax reform legislation, budget proposals, infrastructure plans and trade policy were also areas of concern for the strategist.

“Government policy coming out of Washington, to my eyes, is not supportive of sustainable intermediate and long-term economic growth.”