The FT on Bank of America / Merrill Lynch comments on central banks winding back quantitative easing and implications for equity prices
"We think the swing in global liquidity will weigh on the performance of stocks,'' say analysts at Bank of America Merrill Lynch. "With the Fed about to reduce its balance sheet and the ECB likely to end quantitative easing by the end of 2018, growth in central bank assets is likely to decelerate significantly next year and turn negative in 2019.''
The article is here, it's the Financial Times so it may be gated: Charts that matter: the importance of central banks for equity prices
Its part of a series from the FT, here: "Five markets charts that matter for investors" series.
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So, what does everyone think, has QE helped drive higher stock prices? (breaks internet)
