The Federal Reserve balance sheet expansion created a massive financial asset bull market. Now, market participants need to adjust their expectations.
So far we have only seen a minuscule balance sheet reduction… and investor mindset has not changed
Chart by @amital13
26% conpanies reported
87% Beat on EPS
72% in sales
Quantitative Easing Is Not A Tool For Deleveraging.
Low Rates And Extreme Liquidity Have Made Governments Stop Structural Reforms And Borrow More Aggressively.