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The Tell: Central bank ‘liquidity supernova’ still best explanation for bond, stock-market gains: B. of A.

Quantitative tightening? Oh please. Central banks, courtesy of the eurozone and Japan, are still buying financial assets with both hands. And that might be all you need to know about stock and bond market performance in 2017, say analysts at Bank of America Merrill Lynch.

The fact is that monetary authorities have snapped up a record amount of financial assets in the year to date, the analysts noted in their weekly “Flow Show” note published late Thursday. That’s despite all the focus on the Federal Reserve’s plan to begin winding down its balance sheet and speculation the European Central Bank could be nearing the end of its bond-buying spree.

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