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Nixon Shock, LTCM, China Devaluation: This Is How Rare 10% Market Corrections Are

LTCM, Asian Crisis, the Nixon Shock and the China Devaluations: these are all examples of 10% corrections and are all, as Deutsche Bank put it, extremely rare outside recessions and almost always associated with a clear unexpected catalyst. To put last week's non-recession (allegedly) correction in perspective, Deutsche notes that (1) 3-5% selloffs as normal, occurring on average every 2-3 months.
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