The Step Function and the Punchbowl

Markets have the ability to create the reality they believe in. Asset prices go up - for whatever reason - and problems get solved. Since March, this is what is happening.

The world moves in step functions. When asset prices are in a x to y range, the impact on sentiment and consumption is completely different from when asset prices go into y to z range. Just maybe, we are now taking another big step and moving into a completely different zone - where the blue sky is indeed the limit. Interest rates are 0, inflation is low and growth is accelerating. Will central banks take the punchbowl away now that the party has started?