Record low interest rates and vast amounts of money pumped into economies by central banks has translated into surging asset values across financial markets, raising the prospect of a new speculative bubble.
“Instead of getting consumer inflation from all this central bank liquidity, we are seeing asset price inflation and we all know that usually does not end well for investors,” according to Steven Ricchiuto, chief economist at Mizuho Securities.
Since the nadir for risk was established in March, equity markets have risen sharply and are now at levels that anticipate a strong and sustained recovery in the global economy.
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