Policymakers continue to lavish liquidity on the western world. It will be a long time before short-term money-market rates normalize in the US, the UK, Germany or Australia.
But market participants are most vexed about whether we are at the beginning of the end or the end of the beginning. Let me elucidate.
The Standard & Poor’s 500 index bottomed at 666 in March 2009. In September 2013, four-and-a-half years later, the index stands at 1,630, an impressive increase of nearly 150%.
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