Traders Whipsawed as Bank of Japan and U.S. Fundamentals Surprise

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  • After weeks of struggles, market strength returned quickly in mid-October.
  • The expansion of the BOJ’s quantitative easing program surprised markets and may provide inspiration to central banks in Europe and China.
  • As corporate America surges to all-time high EPS, domestic macro conditions continue to improve.
  • While Republicans took control of Congress with the midterm elections, policy impact may be minimal.

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