Matt King at Citi with the note.
Market moves this year have had a decidedly QE-like feel to them, don’t you think?
Mysteriously low equity volatility, falling bank shares and widespread fears of credit tightening notwithstanding. Inflating equity multiples, especially in the tech sector, even in the face of falling earnings expectations. Real yields grinding back to the low end of recent ranges. Valuations in both bonds and equities that no one seems quite able to square with either central bank rhetoric or underlying. And – of course – a near-doubling in bitcoin.
