Synchronized Central Bank Stimulus Sets off Global Market Rally

Main content

  • Central banks continue to supply extraordinary levels of stimulus, to the delight of stock markets.
  • While earnings growth may decline for a second consecutive quarter, corporate America has been remarkably resilient given the headwinds.
  • While markets are paradoxically paying up for declining earnings, valuations remain reasonable.
  • The recent rally’s sustainability depends on how the private economy can turn exogenous support into earnings growth.

Footer content