Michael Hartnett of Bank of America Merrill Lynch says 2017 total returns for both stocks & bonds have been impressive in the face of Donald Trump disappointment, European Union politics, peak PMI narrative.
According to him, the best explanation could be the USD 1 trillion YTD central bank liquidity supernova.
"We feel the bull market is unlikely to end until bullish macros make central banks tighten liquidity and we are not yet there," Hartnett says.
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