The blue line is the combined balance sheet of the Fed, ECB, and BOJ. The red line is global GDP. The black lines are oil, global stocks ex-U.S., global banks, U.S. junk bonds aka. "Risk"...
Despite trillions in additional "stimulus" since 2014, Risk has stair-stepped continually lower...
Despite trillions in additional "stimulus" since 2014, Risk has stair-stepped continually lower...